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Laxmi Organic Industries IPO ends with bumper subscription

Laxmi Organic Industries IPO ends with bumper subscription
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Nifty today: SGX Nifty up 40 points; here s what changed for market while you were sleeping

Domestic stocks are likely to open on a cautious note ahead of the outcome of the US Fed s two-day policy meeting, where the US central bank is likely to raise economic forecasts and repeat a pledge to remain accommodative for the foreseeable future. Here s the breaking down the pre-market actions: STATE OF THE MARKETS Nifty futures on the Singapore Exchange traded 40.5 points, or 0.27 per cent, higher at 15,012.50 in signs that Dalal Street was headed for a positive start on Wednesday. Tech View: Nifty support seen at 50-DMA Nifty declined for the third straight session on Tuesday and formed a bearish candle on the daily chart. During the day, the index broke below its 20-day moving average. Analysts said the market is likely to see sideways action now, but any failure to stage a recovery from here on could potentially send the Nifty tumbling towards the 14,720 level, which is near Nifty s 50-day simple moving average.

Laxmi Organic Industries IPO Subscription News: Laxmi Organic Industries IPO Subscribed 106 5 Times On Final Day Of Issue

The chemical manufacturer s ₹ 600 crore IPO opened for bidding on March 15 and closed today, March 17, remaining open for subscription for a period of three days. Laxmi Industries fixed the price band at ₹ 129-130 per share. Through its initial public offer, the company expects to raise ₹ 600 crore at the higher end of the price band. The shares of Laxmi Organic Industries may get listed on the bourses on March 25. Laxmi Organic Industries is the leading manufacturer of ethyl acetate in the country and was incorporated in 1989. The firm is a specialty chemical manufacturer and operates in two major business segments - acetyl intermediates and specialty intermediates. It is the only manufacturer of diketene derivatives in the country and has over 30 per cent market share in the Indian ethyl acetate market.

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