The initial public offering (IPO) of Laxmi Organics was subscribed 106.74 times on the final day of bidding on March 17, primarily led by retail investors and QIBs. The issue received bids for 347.51 crore shares against a total offer of 3.25 crore shares.

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The portion reserved for retail investors is subscribed 19.95 times and that of qualified institutional buyers 175.43 times, while the non-institutional investors bid 21.62 times.

READ MORE: Laxmi Organic IPO: Things to know before subscribing

A leading manufacturer of speciality chemicals, Laxmi Organic plans to raise Rs 600 crore through the issue. The IPO, which will close today, has set a price band of Rs 129-130 per share.

The issue consists of a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore by promoter Yellow Stone Trust. The total issue size has been reduced to Rs 600 crore from Rs 800 crore earlier as the company has raised up to Rs 200 crore in its pre-IPO placement.

READ MORE: Laxmi Organics IPO: Why you should subscribe

Most brokerages advise subscribing to the issue on strong growth and expansion plans and high market share in the specialty chemicals space. New acquisitions and great clientele are also key positives for the firm.

Established in 1992, the firm is the largest manufacturer of ethyl acetate in India. It has a diverse product portfolio and a market share of approximately 30 percent of the Indian ethyl acetate market and approximately 55 percent of the diketene derivatives market.

(Edited by : Abhishek Jha)

First Published:Mar 17, 2021 1:55 PM IST