Laxmi India Finance Debuts with 14% Listing Discount Amid Strong IPO Demand

Laxmi India Finance's shares listed at a 14% discount against the issue price, despite its IPO being subscribed 1.85 times. The company, based in Jaipur, plans to utilize the proceeds for capital reinforcement and offers various financial products. Its operations extend across multiple Indian states.

On Tuesday, shares of Laxmi India Finance, a non-deposit-taking NBFC, were listed with a 14% discount against the issue price of Rs 158 on the BSE. Initially, the stock opened at Rs 136, reflecting a 13.92% decrease from the issue price before recovering slightly to Rs 140.

Similarly, on the NSE, the shares fell by 12.96% to Rs 137.52 during early trade and later improved to Rs 140.40. The company's market valuation on the NSE stood at Rs 741.42 crore.

Despite opening at a discounted price, Laxmi India Finance's IPO received significant attention, being subscribed 1.85 times. Proceeds from the IPO, which amount to Rs 254.26 crore at the upper price band, will be used to enhance the capital base and support future lending needs. The company offers a wide range of financial products and operates through 158 branches across various Indian regions.

(With inputs from agencies.)