Shares of L&T Infotech made a weak debut on the National Stock Exchange on Thursday, listing at Rs 667 a share vis-a-vis their issue price of Rs 710, a discount of about 6 per cent.
The stock ended at Rs 697.60 on the NSE. It hit a high of Rs 710 and low of Rs 666 in intra-day deals.
On the BSE , it listed at Rs 666.60 and traded between Rs 710 and Rs 666. It finished the day at Rs 697.65.
L&T Infotech’s Rs 1,243-crore IPO had attracted more than one million applications, the highest for any share sale offer in at least five years.
From 2011 till date, L&T Infotech is the first one to attract million applications.
The IPO had been subscribed more than 11 times.
L&T Infotech had fixed a price band of Rs 705-710 per share for the offering.
Kotak Mahindra Capital Company, Citigroup Global Markets India and ICICI Securities were the managers of 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 $887 million and an employee base of over 20,000 people.
The company, part of the diversified Larsen & Toubro group, has joined the list of about a dozen other companies that have come out with their IPOs so far this year.
(With additional inputs from Agencies)