Laxmi India Finance IPO: A Promising Investment Opportunity?

Laxmi India Finance Ltd's IPO secured 88% subscription on its second day. The company's share offering includes both a fresh issue and a sale by promoters, aiming to raise Rs 254.26 crore. Proceeds will strengthen the capital base for future lending. Their operational network is spread across multiple Indian states.

Laxmi India Finance Ltd's initial public offering reached 88% subscription by its second day, indicating strong investor interest. The Jaipur-based NBFC aims to raise a total of Rs 254.26 crore, with a share price range set between Rs 150-158.

The offering includes both a fresh issue of 1.04 crore equity shares and a sale of 56.38 lakh shares by the promoters. Retail Individual Investors subscribed at 1.28 times, while non-institutional and qualified institutional buyers contributed 52% and 45% subscriptions respectively.

The capital raised will be allocated toward strengthening its capital base and facilitating future lending. Laxmi India Finance operates 158 branches across five states, providing various lending solutions, including MSME, vehicle, and construction loans. PL Capital Markets is managing the IPO.

(With inputs from agencies.)