Laxmi India Finance IPO

About the company

Laxmi India Finance Limited is a non-deposit taking NBFC focused on serving the financial needs of underserved customers in India's lending market. The company operates through an extensive network of 158 branches across rural, semi-urban, and urban areas in 5 states: Rajasthan, Gujarat, Madhya Pradesh, Chhattisgarh, and Uttar Pradesh as of March 31, 2025. It has the widest reach in Rajasthan with the highest number of branches amongst its peers and recorded the second highest return on net worth in FY25 among peer companies, according to the CARE Report. The company has achieved impressive financial growth, with AUM increasing from ₹686.77 crores in March 2023 to ₹1277.02 crores in March 2025, representing a CAGR of 36.36%, while net worth increased from ₹152.33 crores to ₹257.47 crores over the same period. The customer base expanded significantly by 48.78%, from 23,906 customers in March 2024 to 35,568 customers in March 2025. The company offers a diversified range of lending products, with MSME loans being the dominant segment, contributing 76.34% of total AUM as of March 2025, followed by vehicle loans at 16.12%. Construction loans account for 4.87% of AUM, while other products, including business loans, personal loans, and wholesale loans, constitute the remaining portfolio. Over 80% of the company's MSME loans qualify as Priority Sector Lending under RBI guidelines. The company maintains strong credit quality metrics with a gross NPA ratio of 1.07% in FY25 and a net NPA ratio of 0.48%. Collection efficiency remained strong at 96.76% in FY25, supported by a dedicated collections team of 357 personnel as of May 31, 2025. The company has diversified funding sources with access to 47 lenders, including 8 public sector banks, 10 private banks, 7 small finance banks, and 22 NBFCs and financial institutions as of March 31, 2025. The average cost of borrowing has decreased from 12.24% in March 2023 to 12.02% in March 2025, driven by credit rating upgrades and expanded PSU partnerships. The Capital to Risk Assets Ratio (CRAR) stood at 20.80% in FY25, well above regulatory requirements. Systemic credit is projected to reach INR 300 trillion by FY27, growing at a CAGR of 12-13% from FY25 to FY27. Importantly, the share of NBFCs in systemic credit is expected to increase to 20% by FY27, from 17% in FY19, as NBFCs deepen their focus on retail and underserved borrowers. India's credit-to-GDP ratio remains significantly below developed nations at 93.6% in Sep 2024 vs. 140–200% in developed markets, the long-term headroom for credit growth. In states like Rajasthan and Madhya Pradesh, where Laxmi India Finance may be active, the ratio remains below 45%, indicating further growth potential. On the MSME front, over 6.4 crore MSMEs are registered, but only 0.8 crore MSMEs have formal credit outstanding, showing a significant credit gap that NBFCs can address. NBFC MSME AUM is expected to grow at 20–22% CAGR and cross INR 6 trillion by FY27. Sector-wide decline in GNPA improves borrowing costs, and NBFC share in MSME lending is growing; Laxmi India can grow its MSME loan book over the next 3–5 years. Now, Laxmi India Finance Limited is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹165.17 crore and an offer for sale worth up to ₹89.09 crore. The total issue size of the IPO is ₹254.26 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   29 Jul 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   31 Jul 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   01 Aug 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   04 Aug 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   04 Aug 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   05 Aug 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.