L&T Technology to make its debut on September 23

L&T Technology, is all gearing up to get listed on the bourses. Company’s IPO which opened for subscription on September 12, saw a lukewarm response and was oversubscribed by just 2.52 times. Company plans to raise around Rs 900 crores, and had fixed a price band of Rs 850 - 860 per share. The objective of the company to get listed is to achieve the benefits of listing the equity shares on the stock exchanges and to carry out the sale of up to 10,400,000 equity shares.

Earlier, in July this year, L&T Infotech got listed on the bourses, and the total size of the issue was Rs 1243 crores, which was oversubscribed 11.69 times of the issue price. However, on the listing day, it listed at a discount to the band price.

This will be the second IPO of L&T Group and it will be interesting to see whether the company gets listed at a premium or at a discount to the issue price.

Incorporated in 2012, L&T Technology Services Ltd., is a Mumbai based third-party ER&D (Engineering, Research and Development) service provider.