Laxmi India Finance IPO Subscription Update
Non-banking financial company Laxmi India Finance Ltd.’s initial public offering (IPO) of shares amounting to Rs 254 crore has seen a subscription rate of 46% on the second day. This follows a 37% subscription on the first day of the IPO.
Details of the IPO
The IPO comprises a fresh issue of over one crore shares valued at Rs 165 crore, in addition to an offer for sale of 0.56 crore shares by the promoters, totaling Rs 89 crore. The price range for the IPO has been fixed at Rs 150-158 per share.
Laxmi India Finance is set to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on August 4.
Promoters and Usage of Proceeds
The promoters, including Deepak Baid, Prem Devi Baid, Aneesha Baid, Deepak Hitech Motors, and Prem Dealers Pvt., are divesting shares through the offer for sale. Furthermore, promoter group members Preeti Chopra and Rashmi Giria will be reducing their stake in the IPO.
The funds raised from the fresh issue will be earmarked for enhancing the company’s capital base to fulfill future lending requirements. On the other hand, the company will not benefit from the offer for sale, as the proceeds will go directly to the selling shareholders.
PL Capital Markets Pvt. is the book-running lead manager for the IPO, while Link Intime India Pvt. will serve as the issue’s registrar.
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