Laxmi Organic raises Rs. 180 Cr from 15 Anchor Investors 

Demand Allocation across marquee names with 8 Foreign Portfolio Investors, 5 Mutual Funds and 2 Insurance Company


March 12, 2021: Laxmi Organic Industries Limited (Laxmi Organic), a Mumbai based specialty chemicals manufacturer and the largest manufacturers of ethyl acetate in India, as per Frost & Sullivan Report; has raised Rs. 180 crore from 15 anchor investors a day prior to its Issue Opening. The company informed the bourses that it has allocated 1,38,46,153 shares at Rs. 130 per share on March 12, to the anchor investors.

8 Foreign Portfolio Investors who participated in the anchor were Nomura India Equity Fund, Abu Dhabi Investment Authority, Goldman Sachs, Kuber India (Plutus), Theleme India Master Fund, Malabar India Fund, Ashoka India Opportunities Fund, India Acorn Fund. These investors were allocated 78,45,760 shares for approximately Rs 102 crs. Malabar India Fund and Ashok India Opportunities Fund have also invested Rs. 55 crs and Rs. 35 crs respectively in a Pre-IPO round concluded last month.

Amongst the domestic investors, SBI Mutual Fund, ICICI Prudential Mutual Fund and Aditya Birla Mutual Fund  picked up the largest allocation of  10,76,860 shares (7.78%) for approximately Rs 14 crs each, across their various schemes.

Other domestic institutions who were allocated shares were – Kotak Mutual Fund, SBI Life Insurance, HDFC Life, DSP Mutual Fund,  – each of these institutions were allocated 692,300 shares (5.00%) shares for approximately Rs 9 crs each.

Axis Capital Limited and DAM Capital Advisors Limited are the BRLMs to the Offer.

IPO details

The Offer aggregating up to Rs. 600 crore  and comprises of a fresh issuance of Equity Shares of up to Rs. 300 crore and an offer for sale of Equity Shares up to Rs. 300 crore by promoter selling shareholder, Yellow Stone Trust. The issue will open for subscription on Monday, March 15 and close on Wednesday, March 17, 2021.

The Offer is being made through the Book Building Process wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers. Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations subject to valid Bids being received from them at or above the Offer Price.


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