L&T Technology Services, an arm of engineering giant Larsen and Toubro (L&T), will make its stock market debut tomorrow after successfully completing its initial public offering recently.
The Rs 900-crore IPO of L&T Technology Services was oversubscribed 2.53 times during September 12-15. Price band for the offer was fixed at Rs 850-860.
This is the second company from the L&T group to hit the market with an IPO since July, when L&T Infotech had launched a public offer. The flagship Larsen and Toubro is already listed.
The firm, which provides innovative engineering as well as research and development services across sectors, has revenues of nearly $500 million.
L&T Technology Services also offers engineering analytics, Internet of Things and automation solutions.
The erstwhile L&T Integrated Engineering Services, carved out of parent L&T in 2010, was renamed as L&T Technology Services in 2012. Later, certain businesses of L&T Infotech, including telecom and high-technology product engineering services businesses, were transferred to L&T Technology Services.