Laxmi Organic, MTAR Technologies receive SEBI reputation of IPO; most likely to hit market by early March


Whereas Laxmi Organics' IPO features a recent advise of Rs 500 crore and an offer for sale of Rs 300 crore by promoter Yellow Stone Belief, MTAR Technologies' IPO features a recent issuance of 40 lakh shares and an offer for sale of 82,24,270 equity shares by promoter and existing shareholders.

February 20, 2021 / 05: 24 PM IST

Specialty chemicals company Laxmi Organics and precision engineering alternatives company MTAR Technologies received SEBI (Securities and Alternate Board of India) reputation of their preliminary public offering (IPO).

Each and every the IPOs are expected to hit the final public markets in early March 2021.

Laxmi Organics' IPO features a recent advise of Rs 500 crore and an offer for sale of Rs 300 crore by promoter Yellow Stone Belief.

The Mumbai-based mostly speciality chemicals manufacturer, which began as a manufacturer of acetaldehyde and acetic acid in 1992, has transformed into the ideal manufacturer of ethyl acetate in India.

The corporate will utilise recent advise proceeds for constructing a manufacturing facility for fluorospecialty chemicals, working capital requirements, purchase of plant and machinery, reimbursement of obvious outstanding, upgrading existing devices, and standard corporate functions.

Hyderabad-based mostly precision engineering alternatives company MTAR Technologies' IPO features a recent issuance of 40 lakh shares and an offer for sale of 82,24,270 equity shares by promoter and existing shareholders.

MTAR is most likely to elevate approximately Rs 650 crore by its IPO.

MTAR currently operates out of 7 manufacturing companies and products, alongside with an export-oriented unit located in Hyderabad, Telangana, and has been servicing the defence, aerospace and vitality sectors for greater than four a few years.

Fixed with sources, Fabmohur Advisors backed MTAR Tech now not too lengthy ago raised Rs 100 crore by process of a Pre IPO placement to SBI MF and Axis MF at Rs 540 per fraction which signifies a post money valuation of Rs 1,660 crore.

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