The initial public offering (IPO) of Laxmi Organic Industries was subscribed 1.23 times on March 15, the first day of bidding as investors put in bids for 3.99 crore equity shares against the offered size of 3.25 crore shares, subscription data available on exchanges showed. The portion reserved for retail investors subscribed 2.34 times and that of non-institutional investors 28 percent but qualified institutional buyers were yet to bid for the issue.

A leading manufacturer of acetyl intermediates (AI) and specialty intermediates (SI), Laxmi Organic plans to raise Rs 600 crore through the public issue comprising a fresh issue size of Rs 300 crore and an offer for sale of Rs 300 crore by promoter Yellow Stone Trust. The price band has been fixed at Rs 129-130 per share and the company has already raised Rs 180 crore from anchor investors at the higher price band. Laxmi Organic is India’s largest manufacturer of ethyl acetate, with a 30 percent market share. It is the sole manufacturer of diketene derivatives in India, with a 55 percent market share.