Laxmi Organic’s IPO Subscribed 106.74 Times On Final Day
Investors piled into the Rs 600-crore initial public offering of Laxmi Organic Industries on the final day, deriving optimism from the success of recent share sales even as equity markets have been jittery over the last few trading sessions.
The offer by the specialty chemicals maker subscribed 106.74 times on March 17, according to data available on the bourses. That beat Heranba Industries’ final day bid of 83.3 times to become the fourth-most subscribed IPO so far in 2021.
Laxmi Organic’s issue received bids for 245 crore equity shares against an offer of 2.30 crore.
Institutional investors: 175.43 times
Non-institutional investors: 217.62 times
Retail investors: 19.96 times
Laxmi Organic’s IPO comprised a fresh issue and an offer-for-sale of equity shares, each aggregating up to Rs 300 crore. That amounts to 16.59% of the company’s paid-up equity, and will result in the company’s promoter holding falling from 89.51% to 72.92%. At the upper end of the price band, the company will be valued at Rs 3,428 crore.
Axis Capital and DAM Capital were the book-running lead managers to the issue.