Laxmi Organic And Craftsman Automation IPOs To Open On 15 March

The initial public offerings (IPOs) of Laxmi Organic Industries Ltd and Craftsman Automation Ltd are set to open on 15 March and close on 17 March 2021.

Laxmi Organic, a leading manufacturer of acetyl intermediates and specialty intermediates, has fixed its price band at Rs 129-130 a share.

The company said that it is in consultation with book running lead managers for pre-IPO placement by issuing 15.50 million equity shares aggregating up to Rs 200 crore. Its Rs 600 crore IPO comprises a fresh issue of equity shares aggregating up to Rs 300 crore and an offer for sale (OFS) of up to Rs 300 crore by its existing promoters and shareholders.

Axis Capital, DAM Capital are the book running lead managers to the issue.

Proceeds from Laxmi Organic's issue will be used to set up a manufacturing facility of fluorospecialty chemicals, working capital requirements, purchase of plant and machinery, repayment of certain outstanding, upgrading existing units, and general corporate purposes.

Meanwhile, Craftsman Automation has set its IPO price band at Rs 1,488-1,490.

The offer comprises a fresh issue of equity shares aggregating up to Rs 150 crore and an offer for sale (OFS) of up to 45,21,450 shares by the promoter and existing shareholders.

Srinivasan Ravi, K Gomatheswaran, Marina III (Singapore) Pte Ltd and International Finance Corporation will offload shares in the offer-for-sale.

Currently, Srinivasan Ravi owns a 52.83% stake in the auto component maker, while IFC, Marina III (Singapore) and K Gomatheswaran hold 14.06%, 15.50% and 7.04% stake, respectively.

Proceeds from Craftsman Automation's IPO will be used to repay some of the company's borrowings. As of September, the company had total secured borrowings (long term and short term) of Rs 963.48 crore.