Sugs Lloyd IPO receives 3.23 times subscription on final day of offer

The initial share sale of integrated EPC player Sugs Lloyd received 3.23 times subscription on the final day of the offer on Tuesday amid encouraging participation from institutional investors.

The initial share sale received bids worth over Rs 246.74 crore, the company said in a statement.

The quota for non-institutional investors received 5.30 times the subscription, while the portion for the individual investors category was subscribed 2.12 times. The qualified institutional buyer segment fetched 2.03 times subscription, bringing the overall subscription to 3.23 times on the final day of bidding.

The price band of the issue was fixed at Rs 117-123 per share.

The initial public offering (IPO) is entirely a fresh issue of up to 69.64 lakh equity shares with a face value of Rs 10 each.

Sugs Lloyd intends to utilise Rs 64 crore of the total IPO proceeds towards working capital requirements to support its business expansion, and the remaining capital will be used for general corporate purposes and IPO issue expenses.

Incorporated in 2009, Sugs Lloyd Ltd is engaged in electrical transmission and distribution, solar and civil EPC projects.

Its services include the development of transmission and distribution infrastructure, construction of substations, and upgrading and modification of power systems. The company also offers outage management solutions to distribution companies.

In FY25, New Delhi-based Sugs Lloyd reported revenue from operations of Rs 176.20 crore, a growth of over 171 per cent from Rs 65.12 crore in FY24. Its net profit rose to Rs 16.72 crore from Rs 8.70 crore in the previous fiscal.

3Dimension Capital Services is the sole book-running lead manager, while Kfin Technologies is the registrar for the IPO.