Laxmi India Finance IPO 2025: Everything You Need to Know Before Investing
Laxmi India Finance Ltd, an RBI-regulated NBFC from Jaipur with strong MSME focus, is launching its IPO. Here’s a complete look at its IPO details, price, lot size, GMP, subscription updates, and expert insights to help investors make informed decisions.
Laxmi India Finance Ltd.
Laxmi India Finance Ltd is an RBI-regulated NBFC, which has been in existence since 1996. Its portfolio of products includes MSME loans, vehicle loans, and construction loans. It focuses largely on entrepreneurs and small businesses with bulk of its loans qualifying as priority sector lending. They focus on secured loans and even the MSME loans are offered to the borrowers against security of residential and commercial property.
Laxmi India Finance has AUM of ₹1,277 crore, with MSME loans over three-fourth of its portfolio. The promoters of Laxmi India Finance Ltd are Deepak Baid, Prem Devi Baid, Aneesha Baid and others. The IPO will be lead managed by PL Capital Markets Pvt Ltd; while MUFG Intime India Private Ltd (formerly Link Intime) will be the IPO registrar. The company is headquartered in the city of Jaipur in Rajasthan.
Highlights of The IPO Issue of Laxmi India Finance Ltd.
Here are the key highlights of the public issue of Laxmi India Finance Ltd.
- The IPO will be open from July 29, 2025 to July 31, 2025. It has a face value of ₹5 per share and the IPO price band has been set in the range of ₹150 to ₹158 per share.
- The IPO of Laxmi India Finance Ltd will be a combination of a fresh issue of shares and offer for sale (OFS) component.
- The fresh issue portion of the IPO comprises the issue of 1,04,53,575 shares (104.54 lakh shares), which at the upper price band of ₹158 per share translates into ₹165.17 crore.
- The offer for sale (OFS) portion of 56,38,620 shares (56.39 lakh shares), which at the upper price band of ₹158 per share translates into OFS size of ₹89.09 crore.
- The overall IPO will comprise of a fresh issue and OFS of 1,60,92,195 shares (160.92 lakh shares) worth ₹254.26 crore at the upper band price of ₹158 per share.
The IPO of Laxmi India Finance Ltd will be listed on the NSE and the BSE on the IPO mainboard.
Key Dates, Investor Allocation, And Lot Sizes
Here are the key dates pertaining to the IPO of Laxmi India Finance Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | 29th July 2025 |
| IPO Close Date | 31st July 2025 |
| Basis of Allotment | 01st August 2025 |
| Initiation of Refunds to non-allottees | 04th August 2025 |
| Credit of Shares to Demat | 04th August 2025 |
| Listing Date on NSE and BSE | 05th August 2025 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Category of Investors | Allocation of shares | % Share |
|---|---|---|
| Reservation for Employees | 1,60,928 shares | 1.00% of total IPO size |
| Anchor Allocation | 47,79,379 shares | 29.70% of total IPO size |
| QIB Shares Offered | 31,86,253 shares | 19.80% of total IPO size |
| NII (HNI) Shares Offered | 23,89,691 shares | 14.85% of total IPO size |
| Retail Shares Offered | 55,75,944 shares | 34.65% of total IPO size |
| Total Shares Offered | 1,60,92,195 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Here is a quick look at the lot sizes applicable for the IPO of Laxmi India Finance Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 94 | ₹ 14,852 |
| Retail (Max) | 13 | 1,222 | ₹ 1,93,076 |
| S-HNI (Min) | 14 | 1,316 | ₹ 2,07,928 |
| S-HNI (Max) | 67 | 6,298 | ₹ 9,95,084 |
| B-HNI (Min) | 68 | 6,392 | ₹ 10,09,936 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable.
Financial Highlights
The table captures the key financials of Laxmi India Finance Ltd for last 3 financial years.
| Particulars | FY25 | FY24 | FY23 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 245.71 | 175.02 | 130.67 |
| Sales Growth (%) | 40.39% | 33.94% | |
| Profit after Tax (₹ in crore) | 36.01 | 22.47 | 15.97 |
| PAT Margins (%) | 14.65% | 12.84% | 12.22% |
| Total Equity (₹ in crore) | 257.89 | 201.73 | 152.55 |
| Total Assets (₹ in crore) | 1,412.52 | 984.85 | 778.71 |
| Return on Equity (%) | 13.96% | 11.14% | 10.47% |
| Return on Assets (%) | 2.55% | 2.28% | 2.05% |
| Asset Turnover Ratio (X) | 0.17 | 0.18 | 0.17 |
| Earnings per share (₹) | 8.78 | 5.66 | 5.02 |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
Laxmi India Finance has shown consistent growth in net profits with corresponding rise in net margins and ROE. Asset turnover may be low, but it is not too relevant for BFSI stocks.
Valuation Metrics
Laxmi India Finance Ltd is a company that is making profits and the profits have been growing on a consistent basis as falling rates have improved the demand for small loans. IPO price of ₹158 per share discounts the latest year EPS of ₹8.78 at 18.00 times P/E ratio. That is fairly reasonable for a mid-sized BFSI company wit strong traction in PAT margins, Return on equity (ROE), and return on equity (ROE).
Laxmi India Finance Ltd is a very niche player in the MSME funding space, with over 75% of its book being accounted for by MSMEs. Most of the funding is priority sector lending, but it also directly pits them against the niche MFI players in the microfinance space. However, BFSI stocks have been under pressure and many of these NBFCs have struggled to compete against the large banks and the bigger risk of compression in NIMs if the rate cuts persist. Investors will have to make a more cautious and prudent choice about this IPO.
A Brief on the Anchor Allocation
The anchor issue of Laxmi India Finance Ltd saw a relatively strong response on 28th July 2025 with 29.70% of the IPO size absorbed by anchors. Out of 1,60,92,195 shares (160.92 lakh shares) on offer, anchors picked up 47,79,379 shares (47.79 lakh shares) accounting for 29.70% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹158 per share. This includes the face value of ₹5 per share plus a share premium of ₹153 per share. The anchor bidding opened and closed on 28th July 2025.
Key Points To Note In The Anchor Allocation Process
Here are the key details pertaining to the anchor bidding of Laxmi India Finance Ltd
| Bid Date | July 28, 2025 |
|---|---|
| Shares Offered | 47,79,379 shares |
| Anchor Portion Size (₹ in crore) | ₹75.51 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | August 29, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | October 28, 2025 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
Anchor Allocation Investors
On 28th July 2025, Laxmi India Finance Ltd allotted 47,79,379 shares to 11 anchor investors. The allocation was done at the upper IPO price band of ₹158 per share which resulted in overall anchor allocation of ₹75.51 crore. The anchors have already absorbed 29.70% of the total issue size of ₹254.26 crore. Listed below are top-10 anchor investors in the IPO who accounted for anchor collection of ₹70.51 crore or 93.38% of total anchor allocation.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | Sanshi Fund – I | 12,65,898 | 26.49% | ₹ 20.00 |
| 02 | Saint Capital Fund | 4,74,700 | 9.93% | ₹ 7.50 |
| 03 | BNP Paribas Financial Markets – ODI | 4,43,116 | 9.27% | ₹ 7.00 |
| 04 | MINT Focus Growth Fund – PCC | 3,79,760 | 7.95% | ₹ 6.00 |
| 05 | Rajasthan Global Securities | 3,16,917 | 6.63% | ₹ 5.01 |
| 06 | Compact Structure Fund | 3,16,498 | 6.62% | ₹ 5.00 |
| 07 | Cognizant Capital – DOF | 3,16,498 | 6.62% | ₹ 5.00 |
| 08 | India Max Investment Fund | 3,16,498 | 6.62% | ₹ 5.00 |
| 09 | Vijit Growth Fund | 3,16,498 | 6.62% | ₹ 5.00 |
| 10 | Holani Venture Capital Fund | 3,16,498 | 6.62% | ₹ 5.00 |
| Grand Total | 44,62,881 | 93.38% | ₹ 70.51 |
Data Source: BSE Filings (Value Allocated in ₹ in Crore)
The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.
Out of the 47,79,379 shares allocated to the anchors in the IPO, no shares were allocated to domestic mutual funds. The entire shares in the anchor allotment were cornered by the institutional investors, AIFs, and NBFCs, with no participation from the rest.
Next Steps In The Laxmi India Finance Ltd IPO
Post the closure of the IPO subscription on 30th July 2025, the basis of allotment will be finalized on 31st July 2025 and the refunds will be initiated on 01st August 2025. In addition, the demat credits are expected to also happen on 01st August 2025 and the stock will list on 04th August 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 01st August 2025 under ISIN (INE06WU01026).
IPO Subscription Status On Day-1
As of 6.00 pm on 29th July 2025, out of the 113.13 lakh shares on offer in the IPO (excluding anchor portion), Laxmi India Finance Ltd saw bids for 42.12 lakh shares. This implies an overall subscription of 0.37X at a macro level. The granular break-up of subscriptions as of the close of the first day of the IPO of Laxmi India Finance Ltd was as under:
The subscriptions were led by the Retail investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of QIB bids. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here are the details of the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 47,79,379 | 47,79,379 | 75.51 |
| Employee Quota | 0.41 | 1,60,928 | 66,364 | 1.05 |
| QIB Investors | 0.10 | 31,86,253 | 3,17,720 | 5.02 |
| HNIs / NIIs | 0.19 | 23,89,691 | 4,62,856 | 7.31 |
| Retail Investors | 0.60 | 55,75,944 | 33,64,730 | 53.16 |
| Total | 0.37 | 1,13,12,816 | 42,11,670 | 66.54 |
Data Source: NSE / BSE (as of close of Day-1 of the IPO)
The IPO is open up to July 31, 2024, at which point we will know the final subscription status of the IPO.
Next Steps In The Laxmi India Finance Ltd IPO
The basis of allotment will be finalized on 01st August 2025 and the refunds will be initiated on 04th August 2025. In addition, the demat credits are expected to also happen on 04th August 2025 and the stock will list on 05th August 2025 on the NSE and the BSE. Credits to demat account will happen by the close of 04th August 2025 under ISIN (INE06WU01026).
IPO Subscription Status On Day-2
As of 6.00 pm on 30th July 2025, out of the 113.13 lakh shares on offer in the IPO (excluding anchor portion), Laxmi India Finance Ltd saw bids for 99.78 lakh shares. This implies an overall subscription of 0.88X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Laxmi India Finance Ltd was as under:
The subscriptions were led by the Retail investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of QIB bids. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here are the details of the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 47,79,379 | 47,79,379 | 75.51 |
| Employee Quota | 1.02 | 1,60,928 | 1,64,594 | 2.60 |
| QIB Investors | 0.45 | 31,86,253 | 14,28,236 | 22.57 |
| HNIs / NIIs | 0.52 | 23,89,691 | 12,42,398 | 19.63 |
| Retail Investors | 1.28 | 55,75,944 | 71,43,154 | 112.86 |
| Total | 0.88 | 1,13,12,816 | 99,78,382 | 157.66 |
Data Source: NSE / BSE (as of close of Day-2 of the IPO)
The IPO is open up to July 31, 2024, at which point we will know the final subscription status of the IPO.
Next Steps In The Laxmi India Finance Ltd IPO
The basis of allotment will be finalized on 01st August 2025 and the refunds will be initiated on 04th August 2025. In addition, the demat credits are expected to also happen on 04th August 2025 and the stock will list on 05th August 2025 on the NSE and the BSE. Credits to demat account will happen by the close of 04th August 2025 under ISIN (INE06WU01026).
IPO Subscription Status On Day-3
As of 7.20 pm on 31st July 2025, out of the 113.13 lakh shares on offer in the IPO (excluding anchor portion), Laxmi India Finance Ltd saw bids for 211.67 lakh shares. This implies an overall subscription of 1.87X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Laxmi India Finance Ltd was as under:
The subscriptions were led by the Retail investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, but in this case, there was little subscription accretion on the last day. Both QIB and NII bids pick up momentum on last day since that is when the bulk HNI funding bids, corporate bids, and bulk QIB bids come in. Here are the details of the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 47,79,379 | 47,79,379 | 75.51 |
| Employee Quota | 1.57 | 1,60,928 | 2,52,296 | 3.99 |
| QIB Investors | 1.30 | 31,86,253 | 41,36,940 | 65.36 |
| HNIs / NIIs | 1.84 | 23,89,691 | 44,02,678 | 69.56 |
| Retail Investors | 2.22 | 55,75,944 | 1,23,74,630 | 195.52 |
| Total | 1.87 | 1,13,12,816 | 2,11,66,544 | 334.43 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO has closed as of the end of markets on July 31, 2025. The subscription data in the above table, shows the final subscription details for Laxmi India Finance Ltd IPO.
Next Steps In The Laxmi India Finance Ltd IPO
The basis of allotment will be finalized on 01st August 2025 and the refunds will be initiated on 04th August 2025. In addition, the demat credits are expected to also happen on 04th August 2025 and the stock will list on 05th August 2025 on the NSE and the BSE. Credits to demat account will happen by the close of 04th August 2025 under ISIN (INE06WU01026).
Checking The Allotment Status of Laxmi India Finance IPO on BSE Website
This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
- Under Issue Type – Select Equity Option
- Under Issue Name – Select Laxmi India Finance from the drop down box
- Enter the Application Number / CAF exactly as in the acknowledgement slip .OR.
- Enter your PAN (10-digit alphanumeric) number
- Once this is done, you need to click on the Captcha to verify you are not a robot
- Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Laxmi India Finance allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits.
Checking Allotment Status of Laxmi India Finance IPO on NSE Website
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
- Under Issue Type – Select Equity & SME IPO Details Option
- Under SELECT SYMBOL – Select LAXMIINDIA from the drop down box
- Enter the Application Number / CAF exactly as in the acknowledgement slip .AND.
- Enter your PAN (10-digit alphanumeric) number
- Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Laxmi India Finance Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
Checking Allotment Status of Laxmi India Finance on MUFG Intime India Private Limited
Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below:
https://in.mpms.mufg.com/Initial_Offer/public-issues.html
There are 4 options available to you to access the allotment status, and you can use any of these options to query.
- You can use PAN access. Enter the 10 character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
- The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
- You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
- You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book.
Finally, click on the SUBMIT button.
In case, you have any issues with the output, register an investor query with MUFG Intime India Private Ltd. You can either send an email with all requisite details and problem to [emailprotected] or you can call on (0)-81081-14949 for voice call.
Next Steps In The Laxmi India Finance Ltd IPO
Once the basis of allotment is finalized on August 01, 2025, the refunds will be initiated on 04th August 2025. In addition, the demat credits are expected to also happen on 04th August 2025 and the stock will list on 05th August 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 04th August 2025 under ISIN (INE06WU01026).
Trade through Choice FinX, with SERNET as your partner.
About Choice FinXDisclaimer: Investments in securities markets are subject to market risks. Broking services are provided by Choice Equity Broking Pvt. Ltd.; SERNET is not a stock broker.
Was this article helpful?