L&T Technology Services lists at premium of 6.98 per cent

L&T Technology Services, subsidiary of Larsen and Toubro (L&T) has made its stock debut at Rs 920 per share, up 6.98 per cent over its issue price of Rs 860. After disappointment from investors for IPO of Larsen and Toubro Infotech, the company’s share price cheered on Dalal Street and touched Rs 931. The share price closed at Rs 865.1 on Friday.

L&T Technology Services’ initial public offer of Rs 894 crore, which opened for subscription during September 12-15, was oversubscribed 2.52 times. The company through its IPO offered to sell 10.4 million shares.

The offer was bifurcated into QIB portion of 5.2 million shares, non-institutional portion of 1.56 million shares and retail portion of 3.64 million shares. The promoter was looking to dilute shareholding in the company from current 100 percent to 89.8 per cent.

On the financial front, L&T Technology Services’ revenue has increased by 14.84 per cent to Rs 29694 crore in FY16 as compared to previous financial year. The company’s PAT also has increased by 37.78 per cent to Rs 4342 crore in FY16 on a yearly basis.