Mumbai-based specialty chemicals company, Laxmi Organics has filed the draft red herring prospectus (DRHP) with the market regulator Sebi on Wednesday for floating its Initial public offer (IPO).

As per DRHP filed by the company, the public issue comprises of a fresh issue of Rs. 500 crore and an OFS by promoter Yellow Stone Trust of Rs. 300 crore.

The company in the year 1992 started its operations as a manufacturer of acetaldehyde and acetic acid and later has emerged as the largest ethyl acetate manufacturing company in India.

Laxmi Organics will use the proceeds to set up a manufacturing unit for fluoro-specialty chemicals, working capital requirements, purchase of plant and machinery, repayment of certain outstanding, upgrading existing units, and general corporate purposes, it said.  Axis Capital and DAM Capital Advisors have been appointed as the managers to the issue.

IPO Market: Mrs. Bectors Food To Open On Dec 16

Market Watch: Sensex, Nifty rise

IPO of Burger King, allotment status to be announced today