L&T Tech's IPO subscribed 64%

L&T Technology Services's initial public offering (IPO) has garnered 64 per cent subscription a day before its close. The 7.28 million-share offering has so far garnered bids for just 4.7 million shares. Parent L&T is selling around 11 per cent stake in the IPO.

The price band for the issue is Rs 850-860 per share. At the top end, L&T will mop up around Rs 894 crore and the implied market cap for the company will be around Rs 8,745 crore.

L&T Tech has raised Rs 268 crore from anchor investors by allotting them 3.12 million shares at Rs 860 apiece. Meanwhile, the Rs 130-crore IPO of GNA Axles, which opened on Wednesday, was subscribed 58 per cent. L&T Tech's IPO closes Thursday and GNA Axles' IPO closes on Friday.