L&T Tech debuts market with 4.6% premium

Larsen & Toubro's engineering arm on Friday made its debut on BSE benchmark with 4.65% premium at Rs 900 per share.

The company completed its three-day initial public offering on September 15. Its 900 crore worth IPO was oversubscribed 2.53 times. The price band fixed by the company was Rs 850-860.

At 1013 hours, the shares of the company were trading at Rs 901 per piece, up 0.11%, or Re 1 on BSE. Within minutes of launch, the shares hit a high at Rs 931 and low at Rs 892 per share. 

This is the second company by Larsen & Toubro Group which has hit the equity market this year. In July, L&T Infotech made its debut. We had earlier reported that L&T Infotech was the only company out of the 11 companies that listed this fiscal, whose shares were trading below the issue price.

The parent company aims to raise Rs 894.4 crore via the IPO by offloading nearly 10.2% of its equity stake to its research and development services company. 

AM Naik, Chairman, L&T Group, is targeting 15% in revenue to $525 million in this fiscal and $1 billion over the next three to four years, a MoneyControl report said.