India's Laxmi Organic shines in market debut, Craftsman Automation falls

Anupam Rasayan India

25/03/2021 06:21

** Shares of specialty chemical maker Laxmi Organic
Industries Ltd  LAXR.NS  jump as much as 24.4% to 161.70 rupees
in their market debut vs issue price of 130 rupees
    ** The IPO price range had been fixed at the range of 129
rupees to 130 rupees per share
    ** Mumbai-based LAXR's 6 bln rupees ($82.64 mln) IPO was
subscribed more than 106.8 times
    ** LAXR's premium listing comes despite weak broader markets
on a day when the blue-chip Nifty 50 index  .NSEI  is down 1.1%
    ** Shares of engineering services provider Craftsman
Automation  CRAF.NS  also made their debut in Mumbai, but a
rather weak one after falling over 9% in morning trade over
their issue price of 1490 rupees
    ** Craftsman Automation's IPO, which included a fresh issue
of 1.5 bln rupees and an offer for sale of 4.5 mln shares was
subscribed over three times
    ** Though CRAF has strong and well-established relationships
with many marquee domestic and global original equipment
manufacturers, its balance sheet is burdened with debt, said
Nirali Shah, head of equity research, Samco Securities in a
pre-IPO note
    ** Three companies made their debut in Mumbai market this
week, including specialty chemicals maker Anupam Rasayan
 ANUY.BO , which listed at a discount of 9.7% on Wednesday
    ** Indian fundraising via IPOs is at a 13-year high as a
flood of foreign money and unprecedented interest from
mom-and-pop investors spur more listings, making India one of
the hottest IPO markets in 2021  urn:newsml:reuters.com:*:nL4N2LL0NJ

   ($1 = 72.6050 Indian rupees)
    

 (Reporting by Shivani Singh and Nallur Sethuraman in Bengaluru)
 ((ShivaniSingh1@thomsonreuters.com; +91 89 6969 2349))