The initial public offering (IPO) of Lakshya Powertech Limited, a power generation company, started on Wednesday, October 16, and will be open for subscription until Friday, October 18. The IPO has received strong interest, with nearly 20 times more shares requested than available in the first two hours. The SME IPO aims to raise ₹49.91 crore by offering 27.73 lakh shares. The current grey market premium (GMP) suggests that the company's shares could be listed at over 90% higher than the IPO price.
By 12:05 PM on the first day of the IPO on Wednesday, the overall subscription had reached 20.03 times. The portion reserved for retail investors was subscribed 34.36 times, while the segment for non-institutional buyers was subscribed 17.75 times. However, the section for qualified institutional buyers had not received any subscriptions by that time.
Lakshya Powertech IPO details
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Lakshya Powertech IPO GMP: As of 12:05 PM on Wednesday, the grey market premium (GMP) for Lakshya Powertech was ₹169. With the upper price of the IPO set at ₹180, shares are expected to list at ₹349, which is a premium of about 93.89%.
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Lakshya Powertech IPO Date: The IPO opened for subscription on Wednesday, October 16, and will close on Friday, October 18.
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Lakshya Powertech IPO Price: The price range for the IPO is set between ₹171 and ₹180 per share.
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Lakshya Powertech IPO Size: The company aims to raise ₹49.91 crore through this IPO. The funds will be used to pay off debts, cover working capital needs, and for general corporate expenses.
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Lakshya Powertech IPO Lot Size: Investors can apply in lots, with one lot consisting of 800 shares.
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Lakshya Powertech IPO Reservation: The IPO offers 5,24,800 shares to qualified institutional buyers, 3,96,000 shares to non-institutional buyers, and 8,96,000 shares to retail investors.
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Lakshya Powertech IPO Allotment Date: The share allotment is expected to be finalized on Monday, October 21. Successful applicants will see the shares in their demat accounts on Tuesday, October 22, while those who do not receive shares will get refunds on the same day.
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Lakshya Powertech IPO Book-Running Lead Manager and Registrar: GYR Capital Advisors Private Limited is the lead manager for the IPO, and Kfin Technologies Limited is the official registrar.
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Lakshya Powertech IPO Listing: The IPO is scheduled to be listed on the NSE SME on Wednesday, October 23.
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Lakshya Powertech Business Overview: The company provides consulting services for power generation, operations, and maintenance for gas-fired power plants and large projects. Its profits after tax for FY22, FY23, and FY24 were ₹104.58 lakh, ₹271.09 lakh, and ₹1,567.77 lakh, respectively. For the current financial year, up to August 31, the company earned a profit of ₹597.11 lakh.
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