L&T Infotech subscribed 1.23 times on first day

The IPO received 15.12 million bids against the issue size of 12.25 million shares.

Jul 11, 2016 06:07 IST India Infoline News Service

IPO
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 1.23 tmes till 5:00 pm, as per the data available with NSE.

The IPO received 15.12 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 & Toubro.

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