Tuesday, April 13, 2021

Laxmi Organic IPO Details

Laxmi Organics IPOLaxmi Organic IPO description – Laxmi Organic Industries is a leading manufacturer of Acetyl Intermediates and Specialty Intermediates with almost three decades of experience in large scale manufacturing of chemicals. The company initially started manufacturing acetaldehyde and acetic acid in 1992, and soon moved on to manufacturing of ethyl acetate in 1996. The company currently has a market share of approximately 30% of the Indian ethyl acetate market. In FY2010, it commenced manufacturing Specialty Intermediates by acquiring Clariant’s diketene business.

Laxmi Organics is currently the only manufacturer of diketene derivatives in India with a market share of approximately 55 % in India in terms of revenue in FY2020. For the six months ended 30 September 2020 and FY2020, the company’s revenue from exports of manufactured products contributed 23.17% and 24.24%, respectively, of its revenue from operations on a standalone basis.

The company currently has two manufacturing facilities in Mahad, Maharashtra, with one facility dedicated to Acetyl Intermediates (installed production capacity – 161,320 MTPA) and another dedicated to Specialty Intermediates (installed production capacity – 78,045 MTPA), which are strategically located in proximity to several ports and each other.  

Promoters of Laxmi Organic – Yellow Stone Trust and Ravi Goenka
Laxmi Organic IPO details
Subscription Dates 15 – 17 March 2021 
Price Band INR129 – 130 per share
Fresh issue INR300 crore
Offer For Sale INR300 crore    
Total IPO size INR600 crore
Minimum bid (lot size) 115 shares
Face Value  INR2 per share
Retail Allocation 35%
Listing On NSE, BSE
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Laxmi Organic’s financial performance (in INR crore)

  FY2018 FY2019 FY2020 H1 FY2021
Revenue 1,396.1 1,574.3 1,538.6 814.4
Expenses 1,282.8 1,476.3 1,483.5 758.2
Net income 76.0 72.3 69.7 45.6
Net margin (%) 5.4 4.6 4.5 5.6

Laxmi Organic Industries Contact Details

Laxmi Organic Industries Limited
Chandermukhi Building,
2nd and 3rd Floor, Nariman Point,
Mumbai – 400021, Maharashtra
Phone: +91 22 49104467
Email: [email protected] 
Website: www.laxmi.com

Registrar of Laxmi Organic IPO

Link Intime India Private Limited
C-101, 1st Floor,
247 Park Lal Bahadur Shastri Marg,
Vikhroli (West) Mumbai – 400 083
Phone: +91 22 4918 6200
Fax: +91 22 4918 6195
Email: [email protected]
Website: http://www.linkintime.co.in

Valuation of Laxmi Organic Industries (as of FY2020)

Earnings Per Share (EPS): INR2.86
Price/Earnings (PE ratio): 45.10 – 45.45
Return on Net Worth (RONW): 16.45%
Net Asset Value (NAV): INR18.97 per share 

Laxmi Organic IPO Subscription Details

Category Shares offered Subscription (no. of times, at 5 PM)
Day 1 Day 2 Day 3
QIB 93,02,324 0.01 1.14 175.43
NII 69,76,744 0.50 2.48 217.62
Retail 1,62,79,070 4.34 10.39 19.96
         
Total 3,25,58,138 2.28 6.05 106.74

Laxmi Organic IPO: Avoid or Subscribe?

Ajcon Global – Subscribe for Listing Gains
Anand Rathi –  Subscribe for Long Term
Angel Broking – Subscribe
BP Wealth –  Subscribe
Choice Broking – Subscribe with Caution
Elite Wealth – Subscribe
GEPL Capital –
Geojit – 
Hem Securities – Subscribe
ICICIdirect – 
KR Choksey – 
Prabhudas Lilladher – Subscribe
SMC Global –  3/5
Ventura Securities – Not Rated

Laxmi Organic IPO Allotment Status

Laxmi Organic Industries IPO allotment status is now available on Link Intime’s website. Click on this link to get allotment status.

Listing Performance of Laxmi Organic Industries

IPO Opening Date: 15 March 2021
IPO Closing Date: 17 March 2021
Finalisation of Basis of Allotment: 22 March 2021
Initiation of refunds: 23 March 2021
Transfer of shares to demat accounts: 24 March 2021
Listing Date: 25 March 2021
Opening Price on NSE: INR155.5 per share (up 19.62% from IPO price)
Closing Price on NSE: INR164.45 per share (up 26.5% from IPO price)

1 COMMENT

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