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Laxmi Organic lists with 20% premium over issue price; gains amid tepid market

Mumbai, March 25, 2021: Laxmi Organic Industries Ltd the only manufacturer of diketene derivatives in India with a diversified customer base and one of the largest manufacturers of ethyl acetate in India; listed on the NSE at 155.50, 20% premium over its issue price. The scrip got listed at BSE at Rs. 156.20 per share, a 20.15% per cent premium over its issue price of Rs 130. The shares of the company at day end closed at Rs. 164.30 per share on BSE and Rs. 164.05 per share on NSE. The initial public offering was offered at a lower price band of Rs 129 per share and higher price band of Rs 130.

As per BSE, the total quantity traded stood at 52.34 lac shares with a delivery quantity percentage of 34.40%. Quantity traded and delivery percentage at NSE was approx. 6.38 crore shares and 35.02% respectively. Total Turnover (BSE+NSE) on Day 1 stood at Rs 1182.44 crore.

The Market Capitalization of the Company post today’s closing price stood at Rs. 4339.84 crore as per BSE and Rs. 4325.38 crore as per NSE.

The Rs 600 crore IPO, which was opened from March 15 to 17, had received 44.06 times bids, with the HNI quota (NII) receiving 217.62 times subscription, the QIB quota 175.43 times and the retail quota 19.95 times.

About Laxmi Organic Industries Ltd.
Laxmi Organic is currently among the largest manufacturers of ethyl acetate in India with a market share of approximately 30% of the Indian ethyl acetate market. The Company believes that the diversification of its product portfolio into varied chemistries in Specialty Intermediates has enabled them to create a niche for themselves. Laxmi Organic is the only manufacturer of diketene derivatives in India with a market share of approximately 55% of the Indian diketene derivatives market in terms of revenue in Fiscal 2020 and one of the largest portfolios of diketene products. The Company has long-standing relationships with marquee customers like Alembic Pharmaceuticals Limited, Dr. Reddy's Laboratories Limited, Hetero Labs Limited, Laurus Labs Limited, Macleods Pharmaceuticals Private Limited, Mylan Laboratories Limited, Neuland Laboratories Limited, Suven Pharmaceuticals, Granules India amongst others.


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