You are here: Home » PTI Stories » National » News
Business Standard

Laxmi Goldorna IPO subscribes 1.15 times amid challenging mkt; to list on NSE EMERGE

Topics
Business Finance

Press Trust of India  |  New Delhi 

Ahmedabad-based Laxmi Goldorna's IPO received an enthusiastic response from investors amid challenging market conditions with the issue getting subscribed by 1.15 times in NSE EMERGE platform.

The IPO of Laxmi Goldorna, which is into the business of gold jewellery and affordable housing, closed on Friday. The company would be listed on NSE EMERGE after the lock-down is eased, according to a release.

Beeline Broking managed the issue, it said.

Small and Medium Enterprises (SMEs) have been impacted the most due to the COVID-19 pandemic-related lockdown, and facing deep-rooted liquidity issues.

However, Laxmi Goldorna has been able to garner bids of Rs 9.52 crore out of the issue size of Rs 8.28 crore. The issue received bids for 63,28,000 shares compared to the issue size of 55,20,000.

Beeline Broking said that Laxmi Goldorna's IPO not only faced weak market sentiment, but it was also very difficult to manage bidding and blocking of funds by the banks, as these banks are currently guided to provide only essential services in these challenging times.

Proceeds are going to be channelised into working capital of Laxmi Goldorna's low and medium housing real estate projects in Ahmedabad.

A total of 208 companies are listed on NSE EMERGE and collectively raised more than Rs 3,219 crore. During the last financial year 2019-20, as many as 13 SME companies had got listed.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, April 06 2020. 17:34 IST
RECOMMENDED FOR YOU