Thu Oct 17 03:50:00 UTC 2024: ## Lakshya Powertech IPO Opens Today, Aims to Raise ₹49.91 Crore
Ahmedabad-based Lakshya Powertech’s initial public offering (IPO) opened for subscription today, with the price band set at ₹171-₹180 per share. The company, which specializes in providing Engineering, Procurement, Construction, and Commissioning (EPCC) services for various sectors including oil and gas, power, and renewable energy, plans to raise ₹49.91 crore through the IPO.
The IPO will close on October 18th, and the shares will be listed on the NSE-Emerge platform. Notably, Lakshya Powertech has already raised ₹13.39 crore from 11 marquee anchor investors, including HDFC Bank, Veloce AIF, and Coeus Global Opportunities Fund, by allocating 7,44,000 equity shares at ₹180 per share.
The company intends to utilize the net proceeds from the fresh issuance for various purposes, including prepayment or repayment of existing borrowings, funding working capital requirements, and general corporate purposes.
The IPO is divided into various categories with allocated quotas for Qualified Institutional Buyers (QIB), Non-Institutional Investors (NII), retail investors, employees, and market makers. GYR Capital Advisors Pvt. Ltd. is the sole book running lead manager, while KFIN Technologies Ltd. acts as the registrar to the issue.
First Piper 