Thu Oct 17 18:04:11 UTC 2024: ## Lakshya Powertech IPO Oversubscribed by 166.85x on Second Day

**MUMBAI, INDIA -** The initial public offering (IPO) of Lakshya Powertech Limited, an engineering consultancy and contracting company, has received an overwhelming response from investors. The IPO, which opened for subscription on October 16th, 2024, and was set to close on October 18th, was oversubscribed by a massive 166.85 times on its second day of subscription.

The IPO was priced between ₹171 and ₹180 per share, with a face value of ₹10. The strong demand for the IPO is reflected in its grey market premium (GMP), which stood at ₹160 on Wednesday, October 16th, indicating that shares were trading at a premium of ₹340 in the unofficial market.

Lakshya Powertech, incorporated in 2012, specializes in mechanical and electrical services for various sectors, including oil & gas, power, renewable energy, and industrial. The company has a strong track record, having executed 138 major projects and achieving a revenue of ₹149.42 crores in 2024, a significant increase from ₹53.11 crore in 2023. Profitability has also improved, with the company reporting a profit of ₹15.68 crores in 2024, compared to ₹2.71 crores in 2023.

The overwhelming response to the Lakshya Powertech IPO highlights the strong investor appetite for companies operating in the infrastructure and energy sectors. With its robust financial performance and established expertise, Lakshya Powertech appears well-positioned for future growth.

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