Thu Oct 17 10:56:20 UTC 2024: ## Lakshya Powertech IPO Overwhelmed by Investor Demand, Subscribed Over 100 Times

**MUMBAI, INDIA – October 17, 2024** – Lakshya Powertech Ltd.’s initial public offering (IPO) has garnered immense interest from investors, exceeding expectations with a subscription rate of over 100 times on the second day of bidding.

The SME issue, which opened for subscription on October 16, saw strong demand led by retail investors. As of Thursday afternoon, the IPO was subscribed 104.80 times, with non-institutional buyers leading the charge at 112.22 times.

Lakshya Powertech aims to raise Rs 49.91 crore through the IPO, with the bidding window remaining open until October 18. The company plans to use the funds raised to settle debts, manage working capital, and for general corporate purposes.

The IPO’s grey market premium (GMP) has reached Rs 172, indicating a potential listing premium of 95.56% over the issue price. This suggests a listing price of around Rs 352 per share, based on the upper price band of Rs 180.

Lakshya Powertech, established in 2012, is a leading provider of engineering, procurement, construction, and commissioning (EPCC) services, specializing in mechanical and electrical services for the oil and gas, power, renewable energy, and industrial sectors. The company has also expanded its offerings to include operations and maintenance (O&M) services for gas-fired power plants and large-scale power generation projects.

The company’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. Lakshya Powertech’s strong financial performance, coupled with its expansion into new markets, has fueled investor interest.

The share allotment for the IPO is scheduled for October 21, with the listing on the NSE SME platform, Emerge, expected on October 23.

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

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