Laser Power IPO closes today; NII demand leads subscription, GMP at 13%
Laser Power IPO: Check price band, lot size, GMP, reviews, allotment date, listing date, and other key details here
 "Laser Power IPO closes today; NII demand leads subscription, GMP at 13%")
Laser Power IPO: The three-day subscription window for Laser Power & Infra’s initial public offering (IPO) is set to close on Monday, July 13, with the issue receiving a positive response from investors.
The integrated power infrastructure company’s IPO received bids for 8.71 crore shares against 2.55 crore shares on offer, translating into an overall subscription of 3.41 times as of 11:57 AM on Monday, according to data from the National Stock Exchange (NSE).
Non-institutional investors (NIIs) emerged as the strongest bidders, subscribing to 9.96 times their allocated quota. Retail investors subscribed 2.16 times their reserved portion. In contrast, qualified institutional buyers (QIBs) showed limited participation, with their category subscribed at 67 per cent. Grey market sentiment remained positive ahead of the issue's close. According to market sources, the company's unlisted shares were trading at ₹242 apiece, implying a grey market premium (GMP) of ₹28, or 13.08 per cent, over the upper end of the IPO price band of ₹214.
Brokerages have maintained a positive view on the issue, citing the company’s valuations compared with peers, earnings growth, and a healthy order book providing revenue visibility over the next 12-18 months. READ MORE
Laser Power IPO details
The IPO comprises a fresh issue of 2.53 crore equity shares aggregating to ₹542 crore and an offer for sale (OFS) of up to 93 lakh shares worth ₹200 crore by promoters Deepak Goel, Rakhi Goel, and Devesh Goel.
The price band for the issue has been fixed at ₹203-214 per share, with a lot size of 70 shares. Retail investors are required to invest ₹14,980 for one lot, while the maximum application size of 13 lots, or 910 shares, requires an investment of ₹1,94,740.
The basis of allotment is expected to be finalised on Tuesday, July 14, while the company’s shares are scheduled to list on the stock exchanges on Thursday, July 16. MUFG Intime India is the registrar to the issue, while IIFL Capital Services and ICICI Securities are acting as the book-running lead managers.
According to the red herring prospectus (RHP), Laser Power & Infra will not receive any proceeds from the offer for sale, with the proceeds accruing to the selling shareholders after deducting applicable expenses and taxes.
The company plans to utilise proceeds from the fresh issue towards the prepayment or repayment of certain outstanding borrowings, with the remaining funds allocated for general corporate purposes.