Anupam Rasayan, Laxmi Organic, Craftsman Automation: IPO Subscription Updates
An initial public offering sign. (Photographer: Cyril Marcilhacy/Bloomberg)

Anupam Rasayan, Laxmi Organic, Craftsman Automation: IPO Subscription Updates

Three IPOs were open for subscription by investors on March 15. While one initial share sale was in its second day, two others opened to investors today.

Here’s how the three IPOs fared:

Anupam Rasayan IPO: Day 2

The Rs 760-crore issue, which was fully subscribed on its first day, continued to attract strong investor interest on the second day of its initial share sale.

The issue was subscribed 3.65 times as of 5 p.m. on March 15 with retail investors in the lead, according to exchange data.

Subscription Details:

  • Institutional investors: 37%.

  • Non-institutional investors: 1.40 times.

  • Retail investors: 6.63 times.

  • Employees: 93%.

Laxmi Organic Industries IPO: Day 1

Retail investors bet on the initial share sale of Laxmi Organic Industries, a specialty chemicals maker, on the first day of its subscription.

The issue was subscribed 2.30 times as of 5 p.m. on March 15, according to exchange data.

Subscription Details:

  • Institutional investors: 1%.

  • Non-institutional investors: 50%.

  • Retail investors: 4.38 times.

The Rs 600-crore IPO comprises a fresh issue and an offer for sale of equity shares, each aggregating up to Rs 300 crore. The exercise 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, Laxmi Organic Industries will be valued at Rs 3,428 crore.

Also read: Laxmi Organic Industries IPO - Anand Rathi’s Investment Rationale 

Craftsman Automation IPO: Day 1

The Rs 824-crore initial public offering witnessed 51% subscription on the first day of bidding. While retail investors lapped up shares deriving optimism from the success of recent share sales, institutional investors stayed away.

Subscription Details:

  • Institutional investors: 0.

  • Non-institutional investors: 9%.

  • Retail investors: 1.06 times.

The IPO comprises a fresh issue of shares worth Rs 150 crore, and an offer-for-sale of up to 45 lakh equity shares by promoters and existing investors, according to its red herring prospectus.

The company plans to use the proceeds of the IPO to retire some of the company’s debt and for general corporate purposes.

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