Laxmi India Finance IPO: Initial Day Sees 37% Subscription
Laxmi India Finance Ltd's initial share sale garnered 37% subscription on its first day. The IPO involves fresh and existing shares, aiming to raise Rs 254.26 crore. Proceeds are earmarked for capital growth. Anchor investors have already contributed over Rs 75 crore ahead of the IPO's conclusion.
- Country:
- India
Laxmi India Finance Ltd, a noted NBFC player, witnessed its initial public offering (IPO) receive a 37% subscription on the opening day of bidding.
NSE data indicates that there were bids placed for 42,06,782 shares against a total offering of 1,13,12,816 shares. Retail Individual Investors accounted for 60% of the subscription, whereas non-institutional and Qualified Institutional Buyers stood at 19% and 10% respectively.
Notably, the Jaipur-based company secured over Rs 75 crore from anchor investors, and the IPO, which includes both fresh and existing shares, aims to raise a total of Rs 254.26 crore. Funds will be directed towards enhancing the firm's capital for on-lending and general corporate purposes.
(With inputs from agencies.)
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