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Speciality chemicals manufacturer Laxmi Organic Industries initial public offer was subscribed 2.28 times on the first day of subscription on Monday. The initial public offer (IPO) received bids for 7,42,26,635 shares against 3,25,58,138 shares on offer, according to data available with the NSE. The portion meant for qualified institutional buyers (QIBs) was subscribed 1 per cent, non-institutional investors 49 per cent and those for retail individual investors (RIIs) 4.34 times. The initial public offer aggregating up to Rs 600 crore comprises a fresh issue of up to Rs 300 crore and an offer for sale of up to Rs 300 crore. The price range for the Mumbai-based company s offer is Rs 129-130 per share.

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