L&T Tech IPO subscribed 18% on day 1

The IPO of L&T Technology Services, an arm of engineering giant Larsen and Toubro (L&T), was subscribed 18 per cent on the first day of the three-day bidding today.
The Rs 900-crore IPO, received bids for 12,94,896 shares against the total issue size of 72,80,000 shares, data available with the NSE till 1700 hrs showed.
The portion set aside for qualified institutional buyers (QIBs) was subscribed 28 per cent, while non institutional investors got 2 per cent subscription and retail investors category 19 per cent.
The IPO would close on Thursday as stock markets will remain closed tomorrow on account of Bakri Id.

This is the second company from the L&T Group to hit the market with an IPO since July, when L&T Infotech had launched a public offer. The flagship Larsen and Toubro is already listed.
L&T Technology Services had last week raised over Rs 268 crore from anchor investors.

The issue comprises an offer for sale of up to 10,400,000 shares by its promoter L&T.
The price band is fixed at Rs 850-860.
The firm, which provides innovative engineering as well as research and development services across sectors, has revenues worth nearly USD 500 million.
L&T Technology Services also offers engineering analytics, Internet of Things and automation solutions.

The erstwhile L&T Integrated Engineering Services, carved out of parent L&T in 2010, was renamed as L&T Technology Services in 2012. Later, certain businesses of L&T Infotech, including telecom and high-technology product engineering services businesses, were transferred to L&T Technology Services.
Kotak Mahindra Capital Company, DSP Merrill Lynch, JM Financial Institutional Securities and SBI Capital Markets are the merchant bankers to the issue.
The shares are proposed to be listed on BSE and NSE.