By- Pradeep Saran | 19 Oct, 2024 | Category: News
Discover the latest updates on Lakshya Powertech IPO, including the current grey market premium, subscription status, and company financials. Stay informed before the IPO closes on October 18.
Lakshya Powertech IPO: Day 3 Updates, Subscription Status, and Grey Market Premium
The Lakshya Powertech IPO, which opened for subscription on October 16, has captured significant attention in the market. As the subscription window closes today, October 18, the IPO has already been oversubscribed at an extraordinary rate. Retail investors, in particular, have shown tremendous interest, contributing to the IPO’s booming demand.
Here’s everything you need to know about the Lakshya Powertech IPO on its final day.
Key Points:
- IPO Subscription Status: Subscribed 568.88 times as of Day 3.
- GMP (Grey Market Premium): ₹175, indicating a listing premium of 97.22%.
- Issue Price Band: ₹171 to ₹180 per share.
- Total Shares Offered: 27,72,800 shares.
- Listing Date: Expected on October 23, 2024.
- Book Running Lead Manager: GYR Capital Advisors Pvt. Ltd.
- Market Maker: Giriraj Stock Broking Pvt. Ltd.
Lakshya Powertech IPO Day 3 Subscription Status
As of October 18 (4:19 p.m.), the IPO has been subscribed a massive 568.88 times, showing exceptional demand across all investor categories:
- Qualified Institutional Buyers (QIBs): 212.18 times
- Non-Institutional Investors (NIIs): 1117.22 times
- Retail Investors: 581.05 times
Retail investors have been at the forefront, with over 580x subscriptions, followed by non-institutional investors and qualified institutions.
Lakshya Powertech IPO Grey Market Premium (GMP)
The grey market premium (GMP) for Lakshya Powertech shares stood at ₹175 as of October 18, indicating a 97.22% premium over the issue price. This suggests that the shares might list at around ₹355, which is significantly higher than the upper price band of ₹180. However, it’s important to remember that GMP is speculative and unofficial, not an exact forecast for the listing price.
Lakshya Powertech IPO Details
Lakshya Powertech Ltd. aims to raise ₹49.91 crore through its initial public offering, with a fresh issue of 27,72,800 shares. The price band for the IPO is fixed at ₹171 to ₹180 per share, with a minimum bid size of 800 shares. Retail investors need to invest a minimum of ₹1,44,000 to participate.
The share allocation breakdown is as follows:
- QIBs: 18.87%
- NIIs: 14.24%
- Retail Investors: 32.22%
- Anchor Investors: 26.75%
Lakshya Powertech has also reserved 72,000 shares for employees, offering them a ₹15 discount on the share price.
Use of IPO Funds
The funds raised from this IPO will be utilized for several purposes:
- Debt repayment.
- Working capital.
- General corporate purposes.
Lakshya Powertech: Business Overview and Financial Performance
Founded in 2012, Lakshya Powertech Ltd. specializes in providing engineering, procurement, construction, and commissioning (EPCC) services. Over the years, the company has diversified into operations and maintenance (O&M) services for large-scale power generation projects, particularly in the oil, gas, and renewable energy sectors.
Financial Highlights:
- Revenue for FY24: ₹148.13 crore (up by 179% from FY23).
- Profit After Tax (PAT) for FY24: ₹15.67 crore (478% growth from FY23).
- Revenue for the period ending August 2024: ₹57.8 crore, with a PAT of ₹5.97 crore.
The company has shown significant growth over the past few years, positioning itself as a major player in the power and energy sector.
Conclusion
As the Lakshya Powertech IPO closes today, its overwhelming subscription figures and high grey market premium suggest a successful listing. Investors looking to subscribe should act before the deadline, while those already subscribed can anticipate the share allotment announcement on October 21, with the listing expected on October 23.
However, it is always wise to review the IPO prospectus and consult with a financial advisor before making any investment decisions.
Disclaimer: Investing in IPOs involves risks. Always consult financial advisors and thoroughly read the IPO prospectus to understand the risks and rewards associated with the investment.
