Laxmi Natural Industries anticipated to originate IPO on March 15 to elevate Rs 600 crore

Laxmi Natural IPO features a contemporary enlighten of Rs 300 crore and an provide for sale of Rs 300 crore by promoter Yellow Stone Trust. The enlighten will shut on March 17.

March 08, 2021 / 02: 31 PM IST

Speciality chemical manufacturer, Laxmi Natural Industries, is determined to open its maiden public provide for bidding on March 15. The Rs 600-crore public provide features a contemporary enlighten of Rs 300 crore and an provide for sale of Rs 300 crore by promoter Yellow Stone Trust. The enlighten will shut on March 17.

The enlighten size has been reduced to Rs 600 from Rs 800 crore after the pre-IPO placement.

The firm has already raised Rs 200 crore by issuing 1,55,03,875 equity shares in a pre-IPO placement, which resulted into good deal of contemporary enlighten size to Rs 300 crore from Rs 500 crore earlier.

Laxmi Natural intends to utilise contemporary enlighten and pre-IPO placement funds for investment in wholly-owned subsidiary, Yellowstone Gorgeous Chemicals (YFCPL), for constructing of a manufacturing facility for fluorospecialty chemical substances, and dealing capital requirements; for capital expenditure requirements, for expansion of SI manufacturing facility; firm's salvage working capital requirements; and repayment of debt availed by the firm and subsidiary, Viva Lifesciences (VLPL).

The firm operates in the sphere the place there are a vary of listed avid gamers admire Aarti Industries, Atul, Gorgeous Natural Industries, Navin Flourine Global, Rossari Biotech and SRF.

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The firm, in session with provider provider bankers, is anticipated to exclaim IPO attach band in the approaching days.

In February this year, the firm received approval from the capital market regulator Sebi to pass ahead with the IPO thought.

Laxmi Natural is presently among the many greatest producers of ethyl acetate in India with a market portion of roughly 30 p.c of the Indian ethyl acetate market, a Frost & Sullivan yarn said. Put up completion of the YCPL acquisition, its market portion in the ethyl acetate market will give a boost to further.

It is largely the most simple manufacturer of diketene derivatives in India with a market portion of roughly 55 p.c via earnings in FY20 and has no doubt one of many greatest portfolios of diketene merchandise.

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Its merchandise are presently divided into two gargantuan classes, particularly the acetyl intermediates and the distinctiveness intermediates. Its merchandise obtain utility in diversified excessive-development industries, along with prescribed capsules, agrochemicals, dyes & pigments, inks & coatings, paints, printing & packaging, flavours & fragrances, adhesives and diversified industrial applications.

The firm plans to diversify into manufacturing of distinctiveness fluorochemicals. The e book running lead managers to the enlighten are Axis Capital and DAM Capital Advisors.

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