MTAR Technologies, Laxmi Organic IPO is likely to hit market in March

MTAR Technologies a precision engineering solutions company andĀ  Laxmi OrganicsĀ  a Specialty chemicals company received SEBI’s approval for their IPO.

Both IPO’s are expected to hit markets in March’2021.

Laxmi Organics’ IPO consists of a fresh issue of Rs 500 crore and an offer for sale of Rs 300 crore by promoter Yellow Stone Trust.

The 1992’s Mumbai-based specialty chemicals manufacturer which has started as manufacturer of acetaldehyde and acetic acid and has turned out to be the largest manufacturer of ethyl acetate in India.

Fresh issue proceeds will be utilized for setting up a manufacturing facility for fluorospecialty chemicals, working capital requirements, purchase of plant and machinery, repayment of certain outstanding, upgrading existing units, and general corporate purposes.

Hyderabad-based precision engineering solutions company MTAR Technologies’ IPO consists of a fresh issuance of 40 lakh shares and an offer for sale of 82.24 Lakh equity shares by promoter and existing shareholders.

MTAR is likely to raise approximately Rs 650 crore through its IPO.

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