IPO News

SEBI approves IPO of Laxmi Organic and MTAR

SEBI has given approval for launching initial public offerings of Laxmi Organic Ltd and MTAR Technologies.

Moreover, both the IPOs will hit the public markets in early March 2021 as per reports.

Hyderabad-based precision engineering solutions company MTAR Tech aims to raise Rs 650 crore.

Meanwhile, Laxmi Organic, a leading manufacturer of acetyl intermediates plans to raise a fresh plus OFS aggregate of Rs 800 crore.

MTR has raised Rs 100 crore through a pre-IPO placement to SBI MF and Axis MF at Rs 540 per share.

This consists of a post money valuation of 1660 crore.

Laxmi Organics’ IPO includes a fresh issue of Rs 500 crore with an offer for sale of Rs 300 crore.

Post the recovery of the market and companies aiming to raise funds following a subdued year, many IPOs have emerged.

While Indigo Paints, Stove Kraft and Home First Finance have gained, IRFC, Antony Waste and Brookfield IPOs listed in red.

Further, the government is set to use fresh issues for setting up a manufacturing facility for fluorospecialty chemicals.

This is also applicable for working capital requirements, purchase of plant and machinery, repayment of certain outstanding, upgrading existing units etc.

At present, MTAR operates out of 7 manufacturing facilities which includes export-oriented unit located in Hyderabad, Telangana.

Accordingly, it renders services to the defence, aerospace and energy sectors since the last four decades.

Currently, the Mumbai-based speciality chemicals manufacturer has transformed into the largest manufacturer of ethyl acetate in India.

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