Initial Public Offering(IPO) of L&T Infotech got a good start, with the issue garnering 80% subscription in just four hours. According data provided by NSE, the 12.25 million share offering attracted 9.62 million bids as on 1:00 pm today.
The qualified institutional buyer(QIB) has been oversubscribed the portion of IPOs, while retail portion has been covered too by more than half of IPOs of L&T Infotech.
The priced L&T infotech’s IPO is in range between Rs. 705 and Rs. 710 per share. A discount of Rs. 10 per share is offered to Retail investors. 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.
On Monday, the shares of L&T were trading 1.84% higher at Rs. 1560 per share. The entire issue is offer for sale by promoter of L&T.
On Friday, L&T infotech had raised the amount around Rs. 373 crore from nearly two dozen anchor investors at Rs 710 per share. The name of some of the anchor investors were Auburn, ICICI Prudential, HDFC Mutual Fund, Reliance Capital and New India Assurance.
By NASSCOM 2015, L&T infotech is the 6th largest Indian IT Service company in terms of export revenues.
The IPO of L&T infotech handles by the Kotak Mahindra Capital, ICICI Securities and Citigroup Global Market. L&T infotech caters to industries such as banking and financial service, insurances and energy.
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