L&T Infotech's IPO oversubscribed 1.23 times

L&T Infotech's initial public offering (IPO) was oversubscribed by 1.23 times till late afternoon trade on the first day of the issue on Monday.

The company's IPO received bids for 15,122,100 shares against the total issue size of 12,250,000 shares, according to the data available with the National Stock Exchange till 5 p.m.

The IPO was priced in the range between RS 705 and Rs 710 per share. Retail investors are being offered a discount of Rs 10 per share. The issue will be open till July 13.

With the IPO, the company can fetch up to Rs 1,243 crore. The IPO includes an offer-for-sale of up to 1.75 crore equity shares by L&T Ltd. It comprises 10.3 per cent of the post offer paid-up equity share capital of the company.

The IT arm of the L&T Group, which caters to industries such as banking and financial services, insurance and energy, raised Rs 373 crore from anchor investors by selling shares at a price of Rs 710 apiece.

Some of the anchor investors were Auburn, ICICI Prudential, HDFC Mutual Fund, Reliance Capital and New India Assurance.

The investment banks -- Citigroup Global Markets, Kotak Mahindra Capital, ICICI Securities have been roped in to handle the IPO.

The company which employs over 20,000 was ranked sixth largest Indian IT services company by Nasscom (National Association of Software and Services Companies) in 2015 in terms of export revenues.

In the last fiscal, the company's revenue from operations and other income stood at Rs 61,430.2 crore, whereas it reported a net profit of Rs 922.17 crore.

--IANS

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