Laxmi India Finance Ltd. made a lacklustre debut at the Street with a 10.47% discount over its issue price. On the National Stock Exchange, the stock started trading at Rs 141.08 apiece, compared to the issue price of Rs 137.52 at 10:00 a.m., at a discount of 12.9%. On BSE, the scrip started trading at Rs 136 apiece, compared to the issue price of 158, at a discount of 12.9%.
The initial public offering of NBFC player Laxmi India Finance Ltd got subscribed 1.85 times on the closing day of the share sale on Thursday. The initial share sale received bids for 20,959,744 shares against 11,312,816 shares on offer, according to NSE data.
The quota for retail individual investors got subscribed 2.19 times, while the portion for non-institutional investors received 1.83 times subscription. The qualified institutional buyers part got subscribed 1.30 times. Laxmi India Finance Ltd on Monday raised over Rs 75 crore from anchor investors. The issue has a price band of Rs 150-158 per share.
The Jaipur-based company's IPO is a combination of a fresh issue of 1.04 crore equity shares and an offer for sale of 56.38 lakh shares by promoters. Overall, the IPO size is pegged at Rs 254.26 crore at the upper end of the price band. Proceeds from the fresh issue will be used to shore up its capital base to meet future capital requirements towards onwards lending and for general corporate purposes.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
