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laxmi organic ipo subscription status: Laxmi Organic IPO subscribed 2.62 times on Day 2 so far


NEW DELHI: The IPO of Laxmi Organic was subscribed 6.05 times on the second day of the bidding process on Tuesday. The IPO was subscribed 2.28 times on the first day.
The issue received 19,68,68,270 bids as of 5:00 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 band price.
“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 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. ....

Abu Dhabi , Abuz Aby , United Arab Emirates , Sagar Shah , Jyoti Roy , Saurabh Joshi , Mitesh Shah , Dhavan Shah , Aditya Birla Mutual Fund , Nomura India Equity Fund , Aarti Industries , Mutual Fund , Abu Dhabi Investment Authority , Goldman Sachs , Fine Organics Industries , Theleme India Master Fund , Ashoka India Opportunities Fund , Malabar India Fund , Marwadi Financial Services , India Acorn Fund , Prudential Mutual Fund , Laxmi Organic , Yellowstone Chemicals , Kuber India , Aditya Birla Mutual , Laxmi Organic Ipo Subscription Status ,