SEBI approves Laxmi Organic, MTAR Technologies IPO

Laxmi Organic Industries Ltd. and MTAR Technologies have received SEBI’s approval for their initial public offering (IPO). Both the IPO’s are anticipated to hit the market in early March 2021.

Specialty chemicals manufacturer Laxmi Organic’s IPO includes a fresh issue of Rs 500 crore and shares worth Rs 300 crore by offering for sale by promoter Yellow Stone Trust. Laxmi Organics is the largest manufacturer of ethyl acetate in India.

MTAR Technologies’ IPO is seeking to raise Rs 650 crore by fresh issue of 40 lakh shares and an offer for sale of 82,24,270 equity shares. MTAR Tech recently raised Rs 100 crore via a pre-IPO placement to SBI MF and Axis MF at Rs 540 per share, estimated at Rs 1660 crore.