Lakshya Powertech IPO Day 3: Issue subscribed over 387 times so far; check allotment date and key details

Lakshya Powertech IPO is receiving a strong demand from investors, with the issue being subscribed 387.46 times so far on Friday, the final day of bidding.

The demand was led by retail individual investors who subscribed 465.15 times the part reserved for them. The quota for non-institutional investors (NIIs) was subscribed 676.93 times, while the qualified institutional buyers (QIBs) bid for 89.38 times.

Lakshya Powertech IPO: Offer size and price band

Retail investors interested in applying for Lakshya Powertech IPO can place bids for a minimum lot size of 800 shares, which aggregates to an investment of ₹1,44,000. On the other hand, high-networth-individuals can apply for a minimum lot size of 2 lots, or 1,600 shares, amounting to ₹2,88,000.

Lakshya Powertech IPO: Allotment and listing date

The three-day subscription window of Lakshya Powertech IPO is scheduled to close on Friday, October 18.

Lakshya Powertech IPO allotment status is likely to be finalised on Monday, October 21. After the share allocation, refunds will be initiated for unsuccessful bidders on Tuesday, October 22, and successful bidders will receive shares of Lakshya Powertech in their Demat accounts the same day. Shares of Lakshya Powertech will list on the NSE SME platform, Emerge. Lakshya Powertech IPO listing date has been tentatively fixed as October 23.

Lakshya Powertech: Key financials

In FY24, Lakshya Powertech’s revenue increased over 181% to ₹149.41 crore compared to ₹53.11 crore in FY23. The company’s net profit grew multifold to ₹15.67 crore in FY24 against ₹2.71 crore in the previous financial year.

Lakshya Powertech’s net worth grew over 380% to ₹31.73 crore in FY24 compared to ₹6.6 crore in FY23.

Lakshya Powertech IPO objective

The company plans to use the money raised via the public issue for prepayment or repayment of its outstanding borrowings. A portion of the proceeds will also be used for funding the working capital requirements of the company and for general corporate purposes.

About Lakshya Powertech Limited

Lakshya Powertech Limited, established in 2012, provides engineering, procurement, construction, and commissioning (EPCC) services for projects spanning the oil and gas, power and renewable energy sectors. The services provided by the company also include the integrated operation and maintenance (O&M). The company had 912 employees on its payroll as of May 31, 2024.

GYR Capital Advisors Private Ltd is the book-running lead manager for the initial share sale, and Kfin Technologies Ltd is the issue's registrar. Giriraj Stock Broking is the market maker.