Thu Oct 17 10:56:25 UTC 2024: ## Lakshya Powertech IPO Oversubscribed by 61x on First Day
**Mumbai, India – October 16, 2024:** Lakshya Powertech Limited, an engineering consultancy and contracting company, witnessed a phenomenal response to its initial public offering (IPO) on its first day of subscription. The IPO, which opened for subscription on October 16 and closes on October 18, was oversubscribed by a staggering 61.18 times by 5:47 PM.
The IPO, priced between ₹171 and ₹180 per share with a face value of ₹10, has seen strong interest from investors. The grey market premium (GMP) for the IPO was recorded at ₹160 on Wednesday, indicating that the shares are being traded at a premium of ₹340 in the unofficial market.
Lakshya Powertech, incorporated in 2012, specializes in mechanical and electrical services for key sectors such as oil, gas, power, renewable energy, and industrial. The company has successfully executed 138 major projects, including a complex project worth ₹13690.68 Lakhs.
The company has reported strong financial performance, with revenue of ₹149.42 crores in 2024, compared to ₹53.11 crore in 2023. Profit also witnessed a significant jump from ₹2.71 crores in 2023 to ₹15.68 crores in 2024.
Investors are likely attracted to the company’s strong track record, its focus on key sectors, and its robust financial performance. The oversubscription on the first day suggests a strong appetite for the IPO, potentially signaling a successful listing for Lakshya Powertech.
First Piper 