 "L&T Infotech IPO subscribed 80%")
L&T Infotech’s initial public offering (IPO) is off to a good start, with the issue garnering 80% subscription in four hours. The 12.25-million share offering attracted 9.62 million bids as on 1:00 pm, data provided by the NSE showed.\
The qualified institutional buyer (QIB) portion of the IPO has been oversubscribed, while retail portion too has been covered by more than half.
L&T Infotech has priced the IPO in range between RS 705 and Rs 710 per share. Retail 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 around Rs 12,056 crore.
The qualified institutional buyer (QIB) portion of the IPO has been oversubscribed, while retail portion too has been covered by more than half.
L&T Infotech has priced the IPO in range between RS 705 and Rs 710 per share. Retail 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 around Rs 12,056 crore.
The entire issue is offer for sale by promoter Larsen & Tourbo (L&T). Shares of L&T on Monday were trading 1.84% higher at Rs 1,560 per share.
On Friday, the company 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 by Nasscom in 2015.
L&T Infotech caters to industries such as banking and financial services, insurance and energy. Citigroup Global Markets, Kotak Mahindra Capital, ICICI Securities are the investment banks handling the L&T Infotech IPO.