Shares of Laxmi Organic Industries extended gains to the second day after debuting on exchanges on Thursday. Today, Laxmi Organic shares rose as much as 18% to ₹194 as compared Day 1 closing price of ₹164.6. On Thursday, shares of the speciality chemicals manufacturer had finished with nearly 27% as compared to issue price of ₹130.
The company's market valuation was at ₹5,032.00 crore on BSE. Laxmi Organic Industries' initial public offer was subscribed a whopping 106.79 times earlier this month. The price range for the offer was fixed at ₹129-130 per share.
The company has a global presence with customers in over 30 countries, including China, the Netherlands, Russia, Singapore, United Arab Emirates, the UK and the US.
On the other hand, shares of Kalyan Jewellers and Suryoday Small Finance Bank today made weak debut on stock exchanges. Kalyan Jewellers shares were trading at ₹77 against an issue price of ₹87.
Suryoday Small Finance Bank shares struggled at ₹277 as compared to issue price of ₹305.
Laxmi Organic IPO comprised fresh issuance of shares aggregating to ₹300 crore and an offer for sale worth ₹300 crore by the promoter Yellow Stone Trust.
The Mumbai-based Laxmi Organics is focused on two key business segments: acetyl intermediates and speciality intermediates. Its products find application in pharmaceuticals, agrochemicals, dyes and pigments, inks and coatings, paints, printing and packaging, flavours and fragrances, adhesives and other industrial applications.
Laxmi Organics also proposes to diversify into manufacturing of specialty fluorochemicals. It had recently acquired assets including plant and machinery, design and operating paperwork, REACH registrations and patents of Miteni, a manufacturer of organic fluorospecialties and electrochemical fluorination.
Ahead of the IPO, the company had raised ₹180 crore from anchor investors.
