Laxmi Organic's IPO to open on Mar 15

Mumbai (Maharashtra) [India], March 9 : Laxmi Organic Industries, a leading manufacturer of acetyl intermediates and specialty intermediates, will open the bid period in relation to its initial public offering of equity shares on March 15 and close on March 17.
The price band for offer is Rs 129 to 130 per share. The company may consider participation by anchor investors, which will be one working day before the bid opening date.
The offer aggregating up to Rs 600 crore comprises of fresh issuance of equity shares of up to Rs 300 crore and an offer for sale up to Rs 300 crore by promoter selling shareholder Yellow Stone Trust.
The company proposes to utilise net proceeds towards prepayment or repayment of all or a portion of certain outstanding borrowings, funding capital expenditure requirements for setting up of a manufacturing facility for fluorospecialty chemicals pursuant to investment in the wholly-owned subsidiary Yellowstone Fine Chemicals.
The IPO will be listed on BSE Ltd and National Stock Exchange (NSE). Axis Capital and DAM Capital Advisors are book running lead managers to the issue.
Laxmi Organics has a diverse product portfolio into varied chemistries in specialty intermediates and has a share of 30 per cent in ethyl acetate market and 55 per cent in diktene derivatives market.