L&T Infotech is looking to raise over Rs 2,000 crore through IPO in the fourth quarter of the current fiscal to fund its expansion plans.
The company is planning an over Rs 2,000 crore initial public offer (IPO) in the last quarter of 2015—16 and the proceeds will be used to fund its future growth plans, a company official told PTI here.
L&T Infotech, a subsidiary of engineering & construction major Larsen & Toubro, figures among India’s top 10 IT service providers.
The company had filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for IPO in September.
“The issue comprises an offer for sale of up to 1.75 crore equity shares of the face value Re 1 each by Larsen & Toubro,” it had said in a filing.
The IT firm, which clocked revenue of Rs 5,070 crore in FY 2015, is looking for strategic acquisition opportunities in relation to its IMS business, said the official without divulging much due to regulatory considerations.
The company’s revenues in FY15 from continuing operations from North America and Europe constituted 68.6 per cent and 17.9 per cent, respectively.
It is currently looking to pursue strategic acquisitions in Germany and France to enhance capabilities and address gaps in language capability, industry & technical expertise and geographic coverage in these countries.
L&T Infotech was named as one of the ‘Star Performers’ and ‘Major Contenders’ in Everest Group’s PEAK Matrix Assessment 2015 for global insurance service provider.