Lakshya Powertech IPO Day 3: NSE SME issue subscribed 573 times, NIIs’ quota booked over 1,100x

Lakshya Powertech Limited IPO closed with a bumper subscription on Friday, October 18, driven by a massive demand from Non-Institutional Investors (NIIs).

The NSE SME issue was booked over 573.43 times across investor categories on the last day of bidding. Investors placed bids for over 108.31 crore shares of Lakshya Powertech compared to the 18.88 lakh shares offered for subscription.

The Non-Institutional Investors (NIIs) showed the highest demand in the public offer by subscribing to their quota 1,118.12 times. The NIIs applied for 44.27 crore shares against 3.96 lakh shares reserved for the category.

The IPO was subscribed 590.25 times in the retail category with applications for 52.88 crore shares against 8.96 lakh shares on offer for the segment. The Qualified Institutional Buyers (QIBs) booked their quota 212.17 times with bids for over 11.13 crore shares against 5.24 lakh shares set aside for them.

The employees’ portion of the IPO received applications for 1.11 lakh shares.

Lakshya Powertech IPO issue size, price band and minimum investment

The IPO, a book-building issue worth ₹49.91 crore, consisted of an entirely fresh issuance of 27.73 lakh shares.

The IPO price band was fixed at ₹171 to ₹180 per share. The minimum lot size for the retail category was fixed at 800 shares, which aggregated to an investment of ₹1,44,000.

Lakshya Powertech IPO dates

Lakshya Powertech IPO opened for subscription on Wednesday, October 16 and is scheduled to close today on Friday, October 18. The IPO share allotment status is likely to be finalised by Monday, October 21.

Once the allotment of shares is completed, refunds will be initiated for unsuccessful bidders on Tuesday, October 22, and successful bidders will receive shares of the company in their Demat accounts the same day. Shares of the company are scheduled to be listed on the NSE SME platform, Emerge, on Wednesday, October 23.

Lakshya Powertech IPO Registrar

The registrar for Lakshya Powertech IPO is Kfin Technologies Limited and the market maker for the issue is Giriraj Stock Broking. The book-running lead manager for the SME issue is GYR Capital Advisors Private Limited.

Lakshya Powertech IPO Objective

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

About Lakshya Powertech

Lakshya Powertech was established in 2012. The company provides services to industries such as oil and gas, power and renewable energy. The company’s service portfolio consists of Engineering, Procurement, Construction, and Commissioning (EPCC), Integrated Operation and Maintenance (O&M) and other specialty Services. The company employed 912 people as of May 31, 2024.