Lakshya Powertech Shares Hit 5% Upper Circuit After Listing At 90% Premium

Shares of Lakshya Powertech Ltd. made a stellar market debut, listing at a premium of 90% on the NSE SME. The stock listed at Rs 342 on the NSE against the upper price band of Rs 180. Investors allotted a single lot of 800 shares in Lakshya Powertech IPO would have incurred a profit of Rs 1,29,600 against an investment of Rs 1,44,000.

Lakshya Powertech shares further hit 5% upper circuit at Rs 359.1 apiece on the NSE.

Lakshya Powertech IPO, which opened for subscription between October 16 and October 18, was booked over 573.46 times. The company received bids for 108.31 crore shares against 18.88 lakh shares available. The subscription demand was led by non-institutional investors who booked their portion 1,118.13 times.

The qualified institutional buyers' allocation of the public offer was subscribed 212.17 times, while the retail category saw an oversubscription of 590.31 times. The SME issue had a price band of Rs 171-180 per share.

Lakshya Powertech IPO share allotment was finalised on October 21.

Kfin Technologies Ltd. served as registrar for the NSE SME issue.

Grey market premium (GMP) on Lakshya Powertech IPO stood at Rs 170, minutes before the stocks were scheduled to list on NSE SME. The GMP indicated a stellar listing for shares of Lakshya Powertech Ltd. As per Investorgain, the stock was likely to debut at Rs 350, marking a 94.4% premium over the issue price.

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

Proceeds from the fresh issue of shares in the Lakshya Powertech IPO will be used to settle the company's debts. Further, a portion of the money will be used to fund its working capital requirements and other general corporate purposes.

Lakshya Powertech Ltd., a service provider specialising in engineering, procurement, construction, and commissioning, focuses primarily on mechanical and electrical services. It also provides operations and maintenance solutions for gas-fired power plants and large-scale power generation projects.