Lakshya Powertech IPO GMP Surges To Rs 190 Ahead Of Listing, Marks 105% Premium
Lakshya Powertech shares will be listed on the NSE SME platform, Emerge on October 23.
Shares of Lakshya Powertech Ltd. are scheduled to debut on Wednesday, October 23. The SME issue is generating a lot of buzz in the unlisted market ahead of its much-awaited listing. The grey market premium of Lakshya Powertech IPO surged to Rs 190 as of 10 a.m. October 22. As per InvestorGain, shares of Lakshya Powertech are likely to list at Rs 370, marking a premium of 105.5% over the IPO's upper price band of Rs 180.
However, investors must note that the listing gain on SME IPOs is capped at 90% because of which shares of Lakshya Powertech can list at a maximum of Rs 342 per share.
GMP or grey market price is not an official price quote for the stock and is based on speculation.
Shares of Lakshya Powertech shares will be listed on NSE SME platform, Emerge.
The SME IPO’s subscription window was open from October 16 to October 18. The SME issue had a price band of Rs 171-180 per share. Lakshya Powertech IPO was booked over 573.46 times with bids for more than 108.31 crore shares, against 18.88 lakh shares offered for subscription.
Lakshya Powertech IPO Category-Wise Subscription
Qualified Institutional Buyers: 212.17 times.
Non-Institutional Investors: 1,118.13 times.
Retail Investors: 590.31 times.
The allotment of shares for Lakshya Powertech IPO was finalised on October 21. Kfin Technologies Ltd. served as registrar for the issue. Retail investors could have bid with a minimum lot size of 800 shares amounting to an investment of Rs 1,44,000.
Lakshya Powertech plans to use the money raised via the public issue to settle debts and fund its working capital needs. A part of the IPO proceeds will also be used for general corporate purposes.
Established in 2012, Lakshya Powertech Ltd. is an engineering, procurement, construction, and commissioning service provider, specialising in mechanical and electrical services.
The company also offers operations and maintenance services to gas-fired power plants and large-scale power generation projects.
Lakshya Powertech Ltd. caters to clients from both the public and private sectors. Its notable clients include Gmmco Limited and Equinox Engineering Limited.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
