Laser Power and Infra IPO fetches 38.49 times subscription so far on final day

Laser Power and Infra’s ₹742-crore initial public offering (IPO) was subscribed 38.49 times as of 4 pm on the final day of bidding, driven by robust demand from qualified institutional buyers (QIBs) and non-institutional investors (NIIs).

The QIB category was subscribed 92.25 times, while the NII portion saw bids for 43.13 times the shares on offer. The retail investor segment was subscribed 5.79 times.

Ahead of the IPO opening, the integrated power cables and transmission products manufacturer raised around ₹223 crore from anchor investors.

The anchor book saw participation from several domestic and global investors, including 3P India Equity Fund, Nippon India Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Bank of India Mutual Fund, Kotak Mahindra Life Insurance, Edelweiss Life Insurance and Societe Generale.

According to a circular uploaded on the BSE website, the company allotted 1.04 crore equity shares to anchor investors at ₹214 per share, the upper end of the IPO price band, aggregating to ₹222.6 crore.

The public issue comprised a fresh issue of equity shares worth ₹542 crore and an offer-for-sale (OFS) of ₹200 crore by promoters.

Under the OFS, promoters Deepak Goel, Rakhi Goel and Devesh Goel sold shares worth up to ₹112.5 crore, ₹25 crore and ₹62.5 crore, respectively.

The price band for the issue has been fixed at ₹203-214 per share. At the upper end of the price band, the Kolkata-headquartered company is valued at around ₹3,000 crore.

The proceeds from the fresh issue will primarily be used to prepay or repay borrowings worth ₹490 crore, while the remaining amount will be utilised for general corporate purposes.

IIFL Capital Services and ICICI Securities were the book-running lead managers to the issue.