Comments
L&T Infotech’s ₹1,243-crore IPO, which was oversubscribed nearly 12 times, attracted more than one million applications, the highest for any share sale offer in at least five years.
Eliciting robust response, the qualified institutional buyer (QIB) category witnessed 19.91 times oversubscription.
The non-institutional investor segment was oversubscribed 10.76 times and retail investor portion 7.39 times.
L&T Infotech attracted 10.58 lakh or 1.058 million applications, the largest number of applications in an IPO since 2011, according to market analysts.
From 2011 till date, L&T Infotech is the first to have attracted a million applications.
Earlier in 2010, MOIL’s IPO had attracted 13.01 lakh applications, while Power Grid Corp's FPO had garnered 14.27 lakh applications.
Coal India’s IPO had attracted 16.64 lakh applications in 2010.
Price band: ₹705-710
L&T Infotech had fixed the price band at ₹705-710 per share for the offering. The IPO was for an OFS of up to 1.75 crore equity shares by L&T.
Kotak Mahindra Capital Company, Citigroup Global Markets India and ICICI Securities were managing the issue.
In the financial year 2015-16, L&T Infotech’s revenue from operations and other income stood at ₹6,143.02 crore, while it clocked a profit after tax of ₹922.17 crore during the same period.
L&T Infotech is the sixth-largest Indian IT services player at present with a revenue of $887 million and an employee base of over 20,000 people.
L&T Infotech, part of the diversified L&T group, has joined the list of about a dozen other companies that have come out with their IPOs so far this year.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.