Laxmi Organic India Ltd IPO – Date, Price, Review & Details

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Issue Highlights

Laxmi Organic Industries is a specialty chemical manufacturer, based in Mumbai and having domestic and international operations (Europe, UAE and China). It is set to raise INR 600 Crs through an initial offer.

Issue Details

Company Strengths

  • Leading manufacturer of ethyl acetate with significant market share
  • Only Indian manufacturer of diketene derivatives; significant market share; the largest portfolios of diketene products.
  • Diversified customer base across high growth industries
  • Strategically located manufacturing facilities, vertical integration and supply chain efficiencies
  • In-house research and development capabilities
  • Global presence and low geographical concentration
  • Differentiated business model, asset base and product mix


The company reported its EPS for FY 20 at 2.86, bringing its PE at 45.45 at upper price band, against the sector PE of 44.52. It is fairly priced.

Issue Break-Up

Utilization of Funds

Background highlights of the company in brief

  • Incorporated in 1989, Laxmi Organic India Ltd. is a leading manufacturer of Acetyl Intermediates and Specialty Intermediates with almost three decades of experience in large scale manufacturing of chemicals.
  • It is currently among the largest manufacturers of ethyl acetate in India with a market share of approx. 30% of the Indian ethyl acetate market. Post the acquisition of YCPL, the company’s market share in the ethyl acetate market will be further enhanced.
  • In FY 2010, the company commenced the manufacturing of Specialty Intermediates by acquiring Clariant’s diketene business.
  • It is the only manufacturer of diketene derivatives in India with a market share of approx. 55% of the Indian diketene derivatives market in terms of revenue in FY 2020 and one of the largest portfolios of diketene products.
  • The company’s Acetyl Intermediates include ethyl acetate, acetaldehyde, fuel-grade ethanol & other proprietary solvents, while the Specialty Intermediates comprises of ketene, diketene derivatives namely esters, acetic anhydride, amides, arylides & other chemicals.
  • It has significantly expanded its scale of operations & global footprint with customers in over 30 countries including China, Netherlands, Russia, Singapore, United Arab Emirates, United Kingdom & USA.
  • Currently, it has two manufacturing facilities in Mahad, Maharashtra, with one facility dedicated to Acetyl Intermediates and another to Specialty Intermediates, which are strategically located in proximity to several ports and each other.

Briefing about directors & key managerial personnel

Briefing Financials

Balance Sheet

Statement of Profit and Loss

Key Ratios

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