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Laxmi Organic IPO sails through within 3 hours of bidding

NEW DELHI: The IPO of Laxmi Organic was subscribed 2.28 times on the first day of the bidding process on Monday. The company plans to raise Rs 600 crore.
The issue received 7,42,26,635 bids as of 5 pm, against a total offer of 3,25,58,138 shares.
The issue is priced in the range of Rs 129-130 per share. Dealers of unlisted shares said the stock is trading at Rs 232-235 range in the grey market, meaning a premium of 81 per cent over the upper limit of the price band.
“At Rs 130, the stock is available at 48.8 times FY20 EPS. We believe valuations are on the higher side given it is a commodity business. We also believe that upcoming incremental opportunity from fluoro specialties division for three/four years forward is also largely discounted in the price and thus leaves limited opportunity on the table,” said Mitesh Shah and Dhavan Shah of ICICI Securities. ....

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Laxmi Organic IPO allotment date: Laxmi Organic IPO: Price band, GMP, allotment date, other key details you need to know

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. ....

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