Laser Power & Infra's US$10.1-crore IPO clears on day two
What's the deal? Laser Power & Infra Ltd, a Kolkata-based maker of power cables and transmission products, saw its US$100.8M (≈$77.8 million) IPO fully subscribed on the second day of bidding on Friday. NSE data showed bids for 25,512,130 shares against 25,586,207 on offer. The offer closes Monday, July 13.
Who bought in? Non-institutional investors led demand at 1.93 times subscription. The retail portion was booked 80%, while the quota for qualified institutional buyers reached 64%. The company raised about US$30.3M from anchor investors on Wednesday.
The structure: The offer combines a fresh issue worth US$73.6M and an offer-for-sale of US$27.2M by promoters Deepak Goel, Rakhi Goel, and Devesh Goel. At the upper end of its US$2.76–US$2.91 price band, the company is valued at around US$407.4M.
What's the endgame? Proceeds from the fresh issue will mainly go toward repaying borrowings worth US$66.5M, with the balance for general corporate purposes. The company operates in manufacturing and engineering, procurement, and construction, producing conductors, aluminium wire rods, and aerial bunched cables.
The signal: Investor appetite for India's power transmission and distribution suppliers remains firm, with institutional buyers still filling their quotas as bidding continues. IIFL CapitalDealroom has a profile for this one. Try Dealroom → Services and ICICI SecuritiesDealroom has a profile for this one. Try Dealroom → are the book-running lead managers.
Read more: Press Trust of India
