L&T Infotech IPO oversubscribed 1.23 times on Day 1

In a strong show, the Rs 1,243 crore initial public offer (IPO) of L&T Infotech was oversubscribed 1.23 times on the first day of the three-day bidding today.
The IPO received bids for 1,51,22,100 shares as against the total issue size of 1,22,50,000 shares, data available with the NSE at the end of the day's bidding.
The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 1.76 times and retail investors category saw an oversubscription of 1.38 times.
The quota for non institutional or high networth investors was subscribed 19 per cent, as per NSE data.
The IPO has received about 1.66 lakh applications on the first day itself.

The IT firm, part of the diversified Larsen & Toubro group, has come out with an IPO that can fetch up to Rs 1,243 crore.

The price band for the issue, which would remain open till July 13, has been fixed at Rs 705-710.
Shares of Larsen & Toubro ended 1.80 per cent higher at Rs 1,559.35 on BSE.
L&T Infotech had on Friday raised Rs 373 crore from anchor investors by selling shares at Rs 710 apiece.
The IPO comprises an offer-for-sale of up to 1.75 crore equity shares by L&T Ltd. It constitutes 10.3 per cent of the post offer paid-up equity share capital of the company.

At the upper end of the price band, the offer would be worth Rs 1,243.50 crore. The sale would rake in Rs 1,233.75 crore at Rs 705 per share.
Kotak Mahindra Capital Company, Citigroup Global Markets India and ICICI Securities are managing the issue.
In the financial year 2015-16, L&T Infotech's revenue from operations and other income stood at Rs 6,143.02 crore while it clocked a profit after tax of Rs 922.17 crore during the same period.
L&T Infotech is the sixth largest Indian IT services player at present with a revenue of USD 887 million and an employee base of over 20,000 people.

Earlier this month, the Rs 400 crore IPO of staffing firm Quess Corp was oversubscribed by a staggering 145 times, emerging as the most oversubscribed IPO in the past 9 years.
L&T Infotech has joined the list of about a dozen other companies that have come out with their IPOs so far this year.