Lakshya Powertech IPO: Over 570 Times Subscribed!

Lakshya Powertech IPO: Over 570 Times Subscribed!

Lakshya Powertech IPO oversubscribed

Lakshya Powertech IPO: Over 570 Times Subscribed! The initial public offering (IPO) of Lakshya Powertech Ltd. was subscribed 573.36 times by the close of bidding on Friday, driven primarily by non-institutional investors. According to data from the NSE, the Rs 49.91 crore IPO attracted bids for 1,08,31,63,200 shares compared to the 7,25,520 shares available. Non-Institutional Buyers (NIBs) led the demand, with their portion being subscribed 1,117.75 times. The portion for Qualified Institutional Buyers (QIBs) saw 212.18 times subscription, while Retail Individual Investors (RIIs) subscribed 590.26 times.

The SME IPO had already generated significant interest, with over 160 times subscription on Day 2 and over 60 times on Day 1. The allotment of shares will be finalized on Monday, October 21, and the shares will be listed on the NSE SME (Emerge) platform on Wednesday, October 23. On October 22, successful bidders will have shares credited to their Demat accounts, while refunds for non-allottees will be processed the same day.

• Investors can check the IPO allotment status via Kfin Technologies Ltd., the registrar for the issue.
• Visit the IPO allotment page on the KFin Technologies website.
• Select one of the available links to check your IPO allotment status.
• From the dropdown menu, choose ‘Lakshya Powertech Limited’ (the name will appear once the share allocation is finalized).
• You can verify your status using your Application Number, Demat Account, or PAN.
• Enter the relevant details along with the ‘captcha’ code to confirm you’re not a robot.
• Then, click the ‘Submit’ button to view your allotment status.

Lakshya Powertech IPO: Over 570 Times Subscribed!  The grey market premium (GMP) for the Lakshya Powertech IPO stood at Rs 190 as of 6:03 a.m. on October 21, suggesting a potential listing premium of 105.56% over the issue price. According to InvestorGain, Lakshya Powertech shares could list around Rs 370 per share, compared to the upper price band of Rs 180. It is important to note that GMP is speculative and not an official stock price.

The company aims to raise Rs 49.91 crore through a fresh issue of 27,72,800 shares. The IPO price band was set between Rs 171 and Rs 180 per share, with retail investors required to bid for a minimum lot size of 800 shares, amounting to an investment of Rs 1,44,000. The bidding window closed on October 18.

Lakshya Powertech IPO: Over 570 Times Subscribed!  According to the company’s red herring prospectus, out of the 27,80,800 shares on offer, 18.87% were reserved for Qualified Institutional Buyers (QIBs), 14.24% for Non-Institutional Investors (NIIs), 32.22% for retail investors, and 26.75% for Anchor investors. GYR Capital Advisors Pvt. is the book-running lead manager, Kfin Technologies Ltd. serves as the registrar, and Giriraj Stock Broking Pvt. is the market maker for the issue.

Lakshya Powertech Ltd., incorporated in 2012, began as an engineering, procurement, construction, and commissioning (EPCC) service provider specializing in mechanical and electrical services. It later expanded to include operations and maintenance (O&M) services and caters to industries such as oil and gas, power, renewable energy, and other industrial sectors.

The initial public offering (IPO) of power generation company Lakshya Powertech Limited opened for subscription in the Indian primary market on Wednesday, October 16, and will remain open until Friday, October 18. The IPO has seen robust demand, with a subscription rate of nearly 167 times by the end of the second day of bidding.

This SME IPO aims to raise ₹49.91 crore through a fresh issue of 27.73 lakh shares. As of Thursday evening, the grey market premium (GMP) for the issue was reported at ₹172, suggesting that the company’s shares could be listed at a solid premium of over 96%. By the end of the second day, the overall subscription reached 166.82 times, with the retail portion being the most popular at 252.91 times and the segment for non-institutional buyers subscribed 206.32 times. The portion reserved for qualified institutional buyers received bids totaling 12.78 times.

Lakshya Powertech IPO include:

1. IPO Dates: The subscription opened on Wednesday, October 16, and closes on Friday, October 18.

2. Price Band: The price range for the public issue is set at ₹171 to ₹180 per equity share.

3. Size: The company aims to raise ₹49.91 crore to pay off borrowings, meet working capital needs, and cover general corporate expenses.

4. Lot Size: Investors can apply in lots, with one lot consisting of 800 shares.

5. Reservation Breakdown: The IPO allocates 5,24,800 shares to qualified institutional buyers, 3,96,000 shares to non-institutional buyers, and 8,96,000 shares to retail investors.

6. Allotment Date: Share allotment is expected to be finalized on Monday, October 21. Successful bidders will see shares credited to their demat accounts on Tuesday, October 22, while those who do not receive an allotment will receive refunds on the same day.

7. Management and Registrar: GYR Capital Advisors Private Limited serves as the book-running lead manager, and Kfin Technologies Limited is the official registrar for the SME IPO.

8. Listing Date: The shares are expected to be listed on the NSE SME on Wednesday, October 23.

9. Business Overview: Lakshya Powertech specializes in freelance power generation consultancy and operations and maintenance for gas-fired power plants and large power generation projects. The company’s profit after tax for FY22, FY23, and FY24 was ₹104.58 lakh, ₹271.09 lakh, and ₹1,567.77 lakh, respectively. For the current financial year up to August 31, the company reported a profit of ₹597.11 lakh.

Lakshya Powertech IPO: Over 570 Times Subscribed!  Lakshya Powertech Limited’s IPO concluded with an impressive subscription on Friday, October 18, largely driven by significant interest from Non-Institutional Investors (NIIs).

The NSE SME issue saw a total subscription of over 573.43 times across various investor categories on the final day of bidding. Investors placed bids for more than 108.31 crore shares of Lakshya Powertech, compared to the 18.88 lakh shares available for subscription.

NIIs demonstrated the highest demand, subscribing to their allocation 1,118.12 times by applying for 44.27 crore shares against the 3.96 lakh shares reserved for them. The retail category was also robust, with a subscription rate of 590.25 times, amounting to applications for 52.88 crore shares versus the 8.96 lakh shares offered. Qualified Institutional Buyers (QIBs) subscribed to their quota 212.17 times, with bids for over 11.13 crore shares against the 5.24 lakh shares set aside for them. The employee portion of the IPO received applications for 1.11 lakh shares.

The IPO, valued at ₹49.91 crore, consisted solely of a fresh issuance of 27.73 lakh shares, with a price band fixed between ₹171 and ₹180 per share. The minimum lot size for retail investors was set at 800 shares, requiring an investment of ₹1,44,000.

The IPO opened for subscription on Wednesday, October 16, and closed on Friday, October 18. The allotment status is expected to be finalized by Monday, October 21. Following the allotment, refunds for unsuccessful bidders will be processed on Tuesday, October 22, while successful bidders will see shares credited to their Demat accounts on the same day. The shares are scheduled to be listed on the NSE SME platform, Emerge, on Wednesday, October 23.

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

The company plans to use the funds raised through the public issue to repay outstanding debts, cover working capital requirements, and support general corporate purposes. Established in 2012, Lakshya Powertech provides services to sectors such as oil and gas, power, and renewable energy. Its service offerings include Engineering, Procurement, Construction, and Commissioning (EPCC), Integrated Operation and Maintenance (O&M), and other specialized services. As of May 31, 2024, the company employed 912 people.