The initial public offerings (IPOs) of Craftsman Automation Ltd and Laxmi Organic Industries 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.
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.
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.
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