The initial public offer (IPO) of Laxmi Organic will open for subscription on Monday, the company seek to raise Rs 600 crore through the issue.
About Company
Laxmi Organic Industries was incorporated on May 15, 1989. The company is a leading manufacturer of Acetyl Intermediates and Specialty Intermediates with almost 3 decades of experience in large scale manufacturing of chemicals.
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.
IPO details
| Open Date: | Mar 15 2021 |
| Close Date: | Mar 17 2021 |
| Total Shares: | 4,61,53,846 |
| Face Value: | ₹ 2 Per Equity Share |
| Issue Type: | Book Built |
| Issue Size: | 600 Cr. |
| Lot Size: | 115 Shares |
| Issue Price: | ₹ 129-130 Per Equity Share |
| Listing At: | NSE,BSE |
| Listing Date: | Mar 25 2021 |
| Employee Quota: | No |
In its pre-IPO placement, Laxmi Organic mopped up Rs 200 crore. Hence, the total issue size has been reduced to Rs 600 crore from Rs 800 crore earlier.
Retail Quota
The quota for retail investors in Laxmi Organic IPO has been fixed at 35 per cent of the net offer.
The QIB quota is fixed at 50 per cent and the NII quota at 15 per cent.
Issue Proceeds
Laxmi Organic proposes to utilise the net proceeds from the fresh issue towards repayment of borrowings, funding of working capital requirements and for general corporate purposes.
Company’s Financial
| Particulars (Cr) | 6MFY21 | Mar-20 | Mar-19 | Mar-18 |
| Sales | 813 | 1,534 | 1,569 | 1,393 |
| Purchase of materials | 209 | 287 | 250 | 321 |
| Cost of Material Consumed | 351 | 780 | 888 | 655 |
| Changes in Inventories | 12 | 29 | -42 | -9 |
| Employee Benefit Expenses | 36 | 69 | 65 | 53 |
| Other expenses | 119 | 255 | 255 | 203 |
| Operating Profit | 86 | 114 | 153 | 170 |
| OPM % | 10.5% | 7.43% | 9.75% | 12% |
| Other Income | 1 | 4 | 6 | 3 |
| Interest | 7 | 14 | 17 | 10 |
| Depreciation | 23 | 49 | 44 | 31 |
| Profit before tax | 56 | 81 | 98 | 113 |
| Net Profit | 45 | 70 | 72 | 76 |
| No. of shares | 22.51 | 22.51 | 25.02 | 5.01 |
| EPS in Rs | 2.02 | 2.86 | 2.89 | 3.03 |
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