New Delhi, July 29 -- The initial public offering (IPO) of Laxmi India Finance received a muted response on its first day of bidding (July 29), with investors placing bids for 42.40 lakh shares against a total offer of 1.13 crore shares, resulting in an overall subscription of 0.37 times by the end of Day 1, according to exchange data.

The retail investors' portion was subscribed 0.61 times, while the non-institutional investors' (NII) portion was booked 0.19 times. The Qualified Institutional Buyers' (QIB) portion saw a subscription of just 0.10 times.

Laxmi India Finance aims to raise Rs.254.26 crore through the IPO, comprising a fresh issue of 1.05 crore shares aggregating to Rs.165.17 crore and an offer for sale of 0.56 crore shares...