Shares of L&T Technology Services, an arm of engineering giant Larsen and Toubro (L&T), made a smart debut at the bourses today, surging almost 7 per cent over the issue price of Rs 860.
The stock listed at Rs 900, reflecting a gain of 4.65 per cent as compared to the issue price on BSE. It touched a day's high of Rs 931, up 8.25 per cent.
At NSE, shares of the company debuted at Rs 920, up 6.97 per cent.
The company's market valuation stands at Rs 9,118.58 crore.
The Rs 900-crore IPO of L&T Technology Services was oversubscribed 2.53 times during September 12-15. The price band for the offer was fixed at Rs 850-860.
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.
The firm, which provides innovative engineering as well as research and development services across sectors, has revenues of 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.
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