Representational image. Reuters

The Laxmi Organic Industries initial public offering (IPO) was subscribed 2.28 times on Monday, opening day. The price band is Rs 129-130 per share. As of 5 pm on day one, the issue received 7,42,26,635 bids, against a total offer of 3,25,58,138 shares, according to reports.

The reserved portion, which was for retail investors, was subscribed 4.34 times. Through this, Laxmi Organic is aiming to raise Rs 600 crore, reported Moneycontrol.

The report added at a higher price, Rs 180 crore has been raised from anchor investors.

Speaking about the IPO, Prabhudas Lilladher was quoted by Moneycontrol as saying, “We recommend subscribe on Laxmi Organic’s IPO with a long term perspective given its striking growth plans led by 1) scheduled new acquisitions, 2) expansion of core business, 3) entry in high margin fluoro chemistry segments and 4) long term contracts for speciality intermediates”.

The products by Laxmi Organic are used in agrochemicals, inks and coatings, printing and packaging, pharmaceuticals, dyes and pigments, flavours and fragrances and adhesives.