L&T Infotech to debut today
DSIJ Intelligence / 21 Jul 2016
L&T Infotech, which on July 13 concluded its Rs 1243 crores IPO is all set to get listed on the bourses on July 21. Company had fixed the price band of Rs 705 to 710 per share for the offering. Company’s IPO was oversubscribed 11.67 times.
L&T Infotech, which on July 13 concluded its Rs 1243 crores IPO is all set to get listed on the bourses on July 21. Company had fixed the price band of Rs 705 to 710 per share for the offering. Company’s IPO was oversubscribed 11.67 times. L&T Infotech had also created a wave because it received more than 1 million applications.
The purpose to get listed was to gain brand equity. It also aims to give autonomy to the company in its operations. The objective of the IPO is to carry out sale of upto 17500000 equity shares by the selling shareholders.
In the financial year 2015-16, L&T Infotech’s revenue from operations and other income stands at Rs 6,143.02 crore, while it has clocked a profit after tax of Rs 922.17 crore during the same period.
Larsen & Toubro Infotech, is a subsidiary of Larsen & Toubro, a global IT solutions and services company based in Mumbai, India. Company follows the “Business-To-IT” business model. L&T has global presence across the world which includes North America, Europe, Middle East, Asia, Australia and APAC region. Interesting fact is the company attracted more than 1 million applications, the highest for any share sale offer in at least five years.
The listing will take place on the NSE in the presence of L&T Group Executive Chairman, A M Naik, and other top officials along with merchant bankers.
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