Laxmi India Finance IPO: Check Price Band For Rs 254-Crore Share Sale
Laxmi India Finance IPO will be open for subscription between July 29 and July 31, and will list on the exchanges on Aug. 4.
Non-banking financial company Laxmi India Finance Ltd. is set to launch its initial public offering next week, aiming to raise up to Rs 254 crore. 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 IPO will be open for subscription in the primary market between July 29 and July 31, according to the red herring prospectus. The anchor round to raise funds from institutional investors will be held on July 28.
The price band has been set at Rs 150-158 per share.
The tentative date for allotment of shares is July 31 and the stock 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 company will not receive any proceeds from the offer for sale, as the funds will go directly to the selling shareholders.
Net proceeds from the fresh issue will be used for augmentation of capital base to meet future capital requirements toward onward lending.
PL Capital Markets Pvt. is the book-running lead manager and Link Intime India Pvt will be the registrar of the issue.
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About Laxmi India Finance
Laxmi India Finance is a non-deposit-taking NBFC offering a diverse product portfolio, including MSME loans, vehicle loans, construction loans, and other lending solutions, catering to a wide range of customer needs.
As of June, the company had a 26,065-strong customer base that included 15,732 active MSME clients and 6,146 active vehicle loan customers. The company further added that 38.19% of its customers are first time borrowers.
The NBFC's assets under management stood at Rs 1,277 crore as of March 31, growing 32.83% over the previous year, as per the RHP.
The MSME segment and vehicles contribute 76.34% and 16.12%, respectively. Over 80% of its MSME loans qualify as priority sector lending under RBI guidelines.
