L&T Infotech IPO oversubscribed 1.12 times

In a strong show, the Rs 1,243 crore initial public offering of L&T Infotech was oversubscribed 1.12 times till late afternoon trade on the first day of the issue today.
It received bids for 1,37,32,640 shares against the total issue size of 1,22,50,000 shares, data available with the NSE till 1600 hrs showed.
The IT firm, part of the diversified Larsen & Toubro group, has come out with an IPO that can fetch up to Rs 1,243 crore.
The price band for the issue, which would remain open till July 13, has been fixed at Rs 705-710.
L&T Infotech, on Friday, raised Rs 373 crore from anchor investors by selling shares at a price of Rs 710 apiece.

The IPO comprises an offer-for-sale of up to 1.75 crore equity shares by L&T Ltd. It constitutes 10.3 per cent of the post offer paid-up equity share capital of the company.

At the upper end of the price band, the offer would be worth Rs 1,243.50 crore. The sale would rake in Rs 1,233.75 crore at Rs 705 per share.
Kotak Mahindra Capital Company, Citigroup Global Markets India and ICICI Securities are 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 USD 887 million and an employee base of over 20,000 people.
Earlier this month, the Rs 400 crore IPO of staffing firm Quess Corp was oversubscribed by a staggering 145 times, emerging as the most oversubscribed IPO in the past 9 years.