Laser Power & Infra shares list at 17% premium over IPO issue price on NSE; here's miuch investors made per lot

Shares of integrated power cable and transmission products manufacturer Laser Power & Infra Ltd debuted at ₹250 per share on the National Stock Exchange (NSE). This reflects a premium of 16.82% over the IPO issue price of ₹214 per share.

On the BSE, the stock started trading at ₹269 apiece, up 25.70% from the issue price.

Laser Power & Infra share price: Here's how much investors made per lot

The IPO was subscribed 38.94 times, with bids for 99,63,24,700 shares as against 2,55,86,207 equity shares on offer, according to the NSE data.

The ₹742 crore initial share sale consisted of a fresh issuance of shares valued at ₹542 crore and an offer-for-sale (OFS) of ₹200 crore by promoters Deepak Goel, Rakhi and Devesh Goel.

The money raised will primarily be utilised to prepay or repay borrowings aggregating to ₹490 crore, while the rest will be used for general corporate purposes.

"Our company expects to receive the benefits of listing of the equity shares on the stock exchanges and enhancement of our company's brand name amongst our existing and potential customers and creation of a public market for our equity shares in India," the company said in its red herring prospectus (RHP).

Prior to the IPO, the company mobilised ₹222.6 crore from anchor investors, including 3P India Equity Fund, Nippon India Mutual Fund (MF), Motilal Oswal MF, HDFC MF, Edelweiss MF, Bandhan MF, Mirae Asset MF, Bank of India MF, Kotak Mahindra Life Insurance, Edelweiss Life Insurance and Societe Generale.

Laser Power & Infra, incorporated in 1988, is an integrated manufacturer of power cables, conductors and other specialised products related to the power transmission and distribution industry. It makes power cables, aluminium wire rods, conductors, aerial bunched cables and other products.