Laxmi India Finance Ltd's IPO Oversubscribed: A Boost for the NBFC Sector

Laxmi India Finance Ltd's initial public offering saw a successful subscription of 1.85 times by the close of the share sale on Thursday. The IPO attracted considerable interest, receiving bids for 2,09,59,744 shares against 1,13,12,816 available, based on data from the National Stock Exchange.

Retail individual investors showed strong interest, with their quota subscribed 2.19 times, while non-institutional and qualified institutional buyers subscribed 1.83 and 1.30 times, respectively. Notably, the Jaipur-based financial firm raised over Rs 75 crore from anchor investors earlier in the week.

Featuring a price band of Rs 150-158 per share, the IPO included a mix of fresh equity shares and an offer for sale. The raised capital is intended to strengthen the firm's capital base and support its lending activities across rural and urban areas in India.

(With inputs from agencies.)