Non-banking financial company Laxmi India Finance Ltd.'s initial public offering of shares up to Rs 254 crore was subscribed 0.46 times or 46% as so far on second day. The IPO has been subscribed 0.37 times or 37% as of on its first day on Tuesday.
The IPO consists of a fresh issue of over one crore shares worth Rs 165 crore, along with an offer for sale of 0.56 crore shares by the promoters, amounting to Rs 89 crore. The price band has been set at Rs 150-158 per share.
Laxmi India Finance will list on the BSE and NSE on Aug. 4.
Deepak Baid, Prem Devi Baid, Aneesha Baid, Deepak Hitech Motors and Prem Dealers Pvt. are the promoters offloading shares through the OFS. Additionally, promoter group members Preeti Chopra and Rashmi Giria will be selling their stake in the IPO.
The proceeds from the fresh issue will be used for the augmentation of the capital base to meet future capital requirements for onward lending. While, the company will not receive any proceeds from the offer for sale, as the funds will go directly to the selling shareholders.
PL Capital Markets Pvt. is the book-running lead manager and Link Intime India Pvt. is be the registrar of the issue.
IPO Details
Issue opens: July 29.
Issue closes: July 31.
Issue price: Rs 150-158.
Total offer size: Rs 254 crore.
Fresh issue: 1.05 crore shares aggregating to Rs 165.17 crore.
Offer for sale: 0.56 crore shares aggregating to Rs 89 crore.
Lot size: Minimum 94 shares.
Subscription Status: Day Two
The Laxmi India Finance IPO has been subscribed 0.46 times or 46% as of 10:27 a.m. on Wednesday.
Qualified Institutions: 0.10 times or 10%
Non-Institutional Buyers: 0.24 times or 24%.
Retail Investors: 0.75 times or 75%.
Portion reserved for employees: 0.48 times or 48%.
IPO GMP
The grey market premium for Laxmi India Finance IPO was Rs 8.25, as of 8:33 a.m. on July 29, according to InvestorGain. That implies a potential listing at around Rs 166 per share, marking a premium of 5.22%.
GMP or grey market price is not an official indicator and is based on market speculation.
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