Non-banking financial company Laxmi India Finance Ltd. on Thursday filed its preliminary papers with the capital markets regulator SEBI to raise funds via an initial public offering. The public offer will include an offer for sale of up to 56.38 lakh shares and a fresh issue of up to 1.04 crore shares, according to the draft red herring prospectus.
The equity shares are proposed to be listed on the National Stock Exchange of India Ltd. and BSE Ltd.
Deepak Baid, Prem Devi Baid, Aneesha Baid, Deepak Hitech Motors and Prem Dealers Pvt. are the promoters of the company offloading shares through the OFS. Preeti Chopra and Rashmi Giria are part of the promoter group who would be offloading stake in the IPO.
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PL Capital Markets Pvt. is the book-running lead managers for the issue and Link Intime India Pvt will. be the registrar of the issue.
The proceeds from the offer will be used towards onward lending and for general corporate purposes.
The offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional and retail individual bidders, respectively.
Laxmi India Finance is a non-deposit-taking NBFC that offers a diverse product portfolio, including MSME loans, vehicle loans, construction loans, and other lending solutions, to address its customers' varied financial requirements. The company, as of June, had a customer base of 26,065 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 1,035.53 crore as of June, with the MSME segment and vehicles contributing 75.49% and 17.46%, respectively. Over 80% of its MSME loans qualify as priority sector lending under RBI guidelines, the company said in a press release.
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