L&T Infotech IPO subscribes 85% on day 1

The IPO received 10.37 million bids against the issue size of 12.25 million shares.

Jul 11, 2016 03:07 IST India Infoline News Service

The initial public offering (IPO) of the engineering and construction major L&T’s tech-arm L&T Infotech started on a good note today with the issue subscribed 85% till 2:00 pm, as per the data available with NSE.

The IPO received 10.37 million bids against the issue size of 12.25 million shares.

Category-wise, the issue oversubscribed in qualified institutional buyer (QIB) segment while the retail portion was subscribed more than a half.

The IPO is priced between Rs.705 and Rs.710 per share. Retail investors are being offered a discount of Rs.10 per share. 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.

The entire issue is offer for sale by promoter Larsen & Tourbo. 

Related Story