Lakshya Powertech IPO Day 3: GMP Today, Subscription Status And More

The initial public offering (IPO) of Lakshya Powertech Ltd. which opened for subscription on October 16 will close on Friday, October 18.

On its final day, the Lakshya Powertech IPO has already been subscribed more than 550 times.

The SME IPO has already witnessed remarkable interest from investors as the issue was subscribed more than 160 times on Day 2. The demand for the IPO was led by retail investors who subscribed the most, followed by non-institutional investors who subscribed more than 200 times.

Here's all you need to know about the Lakshya Powertech IPO.

The IPO has been subscribed 568.88 times as of 4:19 p.m. on Friday

• Qualified Institutions: 212.18 times

• Non-Institutional Buyers: 1117.22 times

• Retail Investors: 581.05 times

The subscription status will be updated at regular intervals.

The grey market premium for the Lakshya Powertech IPO was Rs 175 as of 3:02 p.m. on October 18, indicating a listing premium of 97.22% over the issue price. As per InvestorGain, shares of Lakshya Powertech could list at around Rs 355 apiece compared to the upper price band of Rs 180.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

Also Read: Find here the steps to check Lakshya Powertech IPO Allotment status

The company aims to raise Rs 49.91 crore from the market through a fresh issue of 27,72,800 lakh shares.

Lakshya Powertech IPO price band has been fixed at Rs 171 and Rs 180 per share. Retail investors can bid in the public offer with a minimum lot size of 800 shares amounting to an investment of Rs 1,44,000.

The bidding window for Lakshya Powertech IPO will remain open till October 18.

As per the company's red herring prospectus, of the 27,80,800 shares offered --18.87% is reserved for Qualified institutional buyers, 14.24% for Non-institutional investors, 32.22% for retail investors and 26.75% for Anchor investors.

Lakshya Powertech IPO also has a reservation of up to 72,000 shares for the company’s employees at a Rs 15 discount.

The share allotment of the Lakshya Powertech IPO will be finalised on October 21. Lakshya Powertech shares are expected to list on the NSE SME platform, Emerge, on October 23.

GYR Capital Advisors Pvt. is the book-running lead manager for the Lakshya Powertech IPO, while Kfin Technologies Ltd. is the registrar of the issue.

Giriraj Stock Broking Pvt. is acting as the issue’s market maker.

The IPO was subscribed 168.09 times on Thursday

• Qualified Institutions: 12.78 times

• Non-Institutional Buyers: 206.78 times

• Retail Investors: 255.38 times

The IPO was subscribed 61.71 times on Wednesday

• Qualified Institutions: 1.37 times

• Non-Institutional Buyers: 64.61 times

• Retail Investors: 100.68 times

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

Incorporated in 2012, Lakshya Powertech Ltd. began as an engineering, procurement, construction, and commissioning (EPCC) service provider, specialising in mechanical and electrical services.

The company later expanded its offerings to include operations and maintenance (O&M) services for gas-fired power plants and large-scale power generation projects.

Lakshya Powertech Ltd. caters to the oil and gas, power, renewable energy, and industrial sectors.

Lakshya Powertech plans to use the funds raised via the public issue settlement of debts. Further, the proceeds will be used for the company’s working capital requirements and general corporate purposes.

Financial Performance

Lakshya Powertech’s revenue from operations for the period ended August 31, 2024, stood at Rs 57.8 crore with a profit-after-tax (PAT) of Rs 5.97 crore.

The company’s revenue from operations for the financial year ended March 31, 2024, increased over 179% to Rs 148.13 crore compared to Rs 53.04 crore in the financial year ended March 31, 2023.

The company’s PAT for FY24 grew by more than 478% to Rs 15.67 crore compared to Rs 2.71 crore in the preceding fiscal.

Disclaimer: Potential investors are advised to review the IPO prospectus and consult with financial advisors to understand the risks and rewards associated with investing in Lakshya Powertech Ltd.