L&T Tech to open IPO on Monday; aims to raise Rs 894 crore

L&T Technology, a wholly owned subsidiary of Larsen & Toubro, will open its initial public offer for subscription on Monday, September 12 till Thursday, September 15. 

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. 

Through the IPO, L&T will offer its 1.04 crore shares at a price band of Rs 850 - 860.

The anchor investors include ICICI Prudential Life Insurance Company, HDFC Trustee Company, BlackRock India Equities (Mauritius) Ltd, JP Morgan Funds, and Sundaram Mtual Funds.

Among the lead managers include Kotak Mahindra Bank, Bank of America Merrill Lynch, JM Financial, and SBI Capital Markets. 

According to a MoneyControl report, 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.

In August, L&T's IT arm L&T Infotech debuted on the stock markets. 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.