The Initial Public Offering of Laxmi India Finance Limited was subscribed 88% on the second day of bidding.

The issue received bids of 99,78,382 shares against the offered 1,13,12,816 equity shares, at a price band of ₹150-158, according to the data available on the stock exchanges.

Retail Portion and Non-Institutional Investors Portion were subscribed 1.28 times and 0.52 times respectively, whereas Qualified Institutional Buyer Portion was subscribed 0.45 times. Employee Portion was subscribed 1.02 times. The issue kicked off for subscription on Tuesday, July 29, 2025, and will close on Thursday, July 31, 2025. 

A day before the opening of the issue, Shanti Gold International Ltd raised Rs 75.50 crores from anchor investors. Some of the marquee Institutions that participated in the anchor includes Saint Capital Fund, BNP Paribas Financial Markets — ODI, Compact Structure Fund, Cognizant Capital Dynamic Opportunities Fund, India Max Investment Fund, Holani Venture Capital Fund-I and Rajasthan Global Securities.

Leading brokerage firms like SBI Securities, Ventura Securities, Canmoney Securities, Marwadi Financial Services, and Adroit Financial Services have given a “Subscribe” rating to the issue, citing Laxmi India Finleasecap Ltd’s (LIFL) strong credit discipline, improving financial profile, and growth potential in the MSME lending space. The company has maintained healthy asset quality (GNPA: 1.07%, NNPA: 0.48%) and recently saw its credit rating upgraded to ‘A-’ (from ‘BBB+’ in FY22) by Acuite Ratings. At the upper price band of ₹158, LIFL is attractively valued at a FY25 post-issue P/BV of 2x, making it a compelling small-sized NBFC play in a growing segment.

LIFL plans to expand its geographical presence, enhance digital capabilities for underwriting and servicing, and diversify its offerings with new-age lending products. It also aims to deepen SME financing and cross-sell financial products such as insurance. While brokerages acknowledge the relatively smaller scale of the business, they believe the issue presents a high-risk, high-return opportunity and recommend subscribing at the cut-off price.

PL Capital Markets Private Limited is the sole book-running lead manager, and MUFG Intime India Private Limited is the registrar of the issue.