Explore Now NEW DELHI: Laxmi Organic, a manufacturer of industrial chemicals, is set to hit the primary markets on Monday. While the IPO has been touted as aggressively priced, a huge demand in the unofficial markets hints at bumper subscription. Laxmi Organic has fixed the price band for its issue at Rs 129-130 per share. The Rs 600-crore issue would comprise issuance of fresh equity shares aggregating Rs 300 crore and an offer for sale (OFS) of shares aggregating up to Rs 300 crore. “At Rs 130, the stock is available at 48.8 times FY20 EPS. We believe valuations are on the higher side, given it is a commodity business. We also believe that upcoming incremental opportunity from fluoro specialties division for three/four years forward is also largely discounted in the price and thus leaves limited opportunity on the table,” said Mitesh Shah and Dhavan Shah of ICICI Securities.