L&T Infotech IPO gets 1 million applications; highest in 5 years

L&T Infotech's Rs 1,243-crore initial public offering (IPO), which was oversubscribed nearly 12 times, attracted more than one million applications, the highest for any share sale offer in at least five years.

Eliciting robust response, the qualified institutional buyers category witnessed 19.91 times over-subscription.

The non-institutional investors segment was oversubscribed 10.76 times and retail investors' portion 7.39 times.

L&T Infotech attracted 10.58 lakh or 1.058 million applications, the largest number of applications in IPOs since 2011, according to market analysts.

From 2011 till date, L&T Infotech is the first one to attract million applications.

Earlier in 2010, MOIL's IPO had attracted 13,01,938 applications, while PowerGrid Corp FPO (follow on public offer) had garnered 14,27,845 applications.

Coal India's IPO had attracted 16,64,997 applications in 2010.

L&T Infotech had fixed the price band at Rs 705-710 per share for the offering. The IPO was for an offer-for-sale of up to 1.75 crore equity shares by L&T Ltd.

Kotak Mahindra Capital Company, Citigroup Global Markets India and ICICI Securities were managing the issue.

In the financial year 2015-16, L&T Infotech's revenue from operations and other income stood at Rs 6,143.02 crore, while it clocked a profit after tax of Rs 922.17 crore during the same period.

L&T Infotech is the sixth largest Indian IT services player at present with a revenue of $887 million and an employee base of over 20,000 people.

L&T Infotech, part of the diversified Larsen & Toubro group, has joined the list of about a dozen other companies that have come out with their IPOs so far this year.