L&T Technology Services' IPO subscribed 18 per cent on first day

This is the second company from the L&T Group to hit the market with an IPO since July, when L&T Infotech had launched a public offer. The price band is fixed at Rs 850-860. It provides innovative engineering as well as research and development services across sectors, has revenues worth nearly USD 500 million (Rs 33450 million).

The IPO is anchored by merchant bankers such as Kotak Mahindra Capital Company, DSP Merrill Lynch, JM Financial Institutional Securities and SBI Capital Markets.

The IPO of L&T Technology Services, an arm of engineering giant Larsen and Toubro (L&T), was subscribed 18 per cent on the first day of the three-day bidding. The Rs 900 crore IPO, received bids for 12,94,896 shares against the total issue size of 72,80,000 shares, according to NSE.

The qualified institutional buyers (QIBs) were subscribed 28 per cent, while non institutional investors got 2 per cent subscription and retail investors category 19 per cent. The IPO will close on September 15.

After L&T Infotech IPO, this would be the second public offering from L&T. L&T Technology Services had last week raised over Rs 268 crore from anchor investors. The issue comprises an offer for sale of up to 10,400,000 shares by its promoter L&T.