 "L&T Infotech IPO fully subscribed on Day 1")
L&T Infotech’s Rs 1,230-crore initial public offering (IPO) garnered full subscription on Monday, the first day of the issue. The 12.25-million share offering attracted 14.65 million bids, 1.2 times the shares on offer.
The qualified institutional buyer (QIB) segment of the IPO has been subscribed 1.74 times, retail segment 1.3 times, and the high net worth individual (HNI) portion was subscribed 20 per cent at the end of the first day, exchange data showed.
L&T Infotech has priced the IPO in the range between Rs 705 and Rs 710 per share. Retail (small) investors are being offered a discount of Rs 10 per share. At the top end of the price band, the IPO is worth Rs 1,236 crore and the company will be valued at Rs 12,056 crore. The entire issue is offer for sale by promoter Larsen & Tourbo (L&T). Shares of L&T on Monday gained 1.80 per cent to end at Rs 1,559 per share. On Friday, L&T Infotech had raised around Rs 373 crore from nearly two dozen anchor investors at Rs 710 per share. Some of the anchor investors were Auburn, ICICI Prudential, HDFC Mutual Fund, Reliance Capital and New India Assurance.
In terms of export revenues, L&T Infotech was ranked sixth largest Indian IT services company in 2015 by industry body Nasscom.
L&T Infotech caters to industries such as banking and financial services, insurance and energy.
The qualified institutional buyer (QIB) segment of the IPO has been subscribed 1.74 times, retail segment 1.3 times, and the high net worth individual (HNI) portion was subscribed 20 per cent at the end of the first day, exchange data showed.
L&T Infotech has priced the IPO in the range between Rs 705 and Rs 710 per share. Retail (small) investors are being offered a discount of Rs 10 per share. At the top end of the price band, the IPO is worth Rs 1,236 crore and the company will be valued at Rs 12,056 crore. The entire issue is offer for sale by promoter Larsen & Tourbo (L&T). Shares of L&T on Monday gained 1.80 per cent to end at Rs 1,559 per share. On Friday, L&T Infotech had raised around Rs 373 crore from nearly two dozen anchor investors at Rs 710 per share. Some of the anchor investors were Auburn, ICICI Prudential, HDFC Mutual Fund, Reliance Capital and New India Assurance.
In terms of export revenues, L&T Infotech was ranked sixth largest Indian IT services company in 2015 by industry body Nasscom.
L&T Infotech caters to industries such as banking and financial services, insurance and energy.