Upcoming IPO: Laxyo files DRHP with SEBI for ₹150 crore public issue

Upcoming IPO: Railway infrastructure EPC solutions provider Laxyo Ltd has filed draft red herring prospectus (DRHP) with the capital markets regulator, the Securities and Exchange Board of India (SEBI), to raise funds via an initial public offering (IPO).

The proposed initial share sale is exclusively a fresh issuance of shares valued at ₹150 crore, with no offer for sale (OFS) component, according to the preliminary papers.

The net proceeds from the issue will be used for the following objectives:

• Repayment of certain outstanding borrowings
• Capital expenditure towards purchase of equipment
• Working capital requirements
• General corporate purposes

"In addition, we intend to achieve the benefit of listing of the equity shares on the Stock Exchanges, 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," according to the DRHP.

Laxyo has capabilities across railway infrastructure engineering, procurement and construction (EPC); mining services and raising boring operations, dredging and reclamation; and operation & maintenance of industrial and thermal plants.

Since commencing operations in 2007, it has been involved in various railway infrastructure and operation and maintenance (O&M) projects. While its primary focus and strength are in the railway infrastructure sector, it has, over the years, diversified gradually into other segments, such as mining services, raise boring operations and dredging and reclamation.

On the financial front, the company had reported revenue from operations of ₹211.10 crore in the fiscal year 2025, compared to ₹174.30 crore a year back. Its profit after tax stood at ₹11.65 crore in FY25 as against ₹6.32 crore in the year-ago period.

The company will reserve 75% of the offer for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and 10% for retail investors.

Indorient Financial Services is the issue's sole book-running lead manager, while MUFG Intime India is the registrar.

The company's shares will be listed on the NSE and the BSE.