Laser Power & Infra IPO Fully Subscribed on Day 2

New Delhi, Jul 10 (PTI) The initial public offering of integrated power cables and transmission products manufacturer Laser Power & Infra Ltd was fully subscribed on the second day of bidding on Friday.

The Rs 742-crore IPO received bids for 2,55,12,130 shares against 2,55,86,207 shares on offer, as per NSE data.

The category for non-institutional investors attracted 1.93 times subscription. The retail portion of the IPO was booked 80 per cent, while the quota for the Qualified Institutional Buyers (QIBs) was subscribed 64 per cent.

Laser Power & Infra Ltd, on Wednesday, raised around Rs 223 crore from anchor investors.

The company's IPO will conclude on Monday, July 13.


The public offer comprises a fresh issue of equity shares worth Rs 542 crore and an Offer-for-Sale (OFS) of Rs 200 crore by promoters.

Under the OFS, promoters Deepak Goel, Rakhi Goel and Devesh Goel will sell shares worth up to Rs 112.5 crore, Rs 25 crore and Rs 62.5 crore, respectively.

The price band for the IPO has been fixed at Rs 203-214 per share. At the upper end of the price band, the Kolkata-headquartered company is valued at around Rs 3,000 crore.

The proceeds from the fresh issue will primarily be used to prepay or repay borrowings worth Rs 490 crore, while the balance amount will be utilised for general corporate purposes.

Laser Power & Infra operates in the manufacturing and engineering, procurement and construction (EPC) segments. It manufactures power cables, conductors, aluminium wire rods, aerial bunched cables and other products used in the power transmission and distribution sector.

IIFL Capital Services and ICICI Securities are the book-running lead managers to the issue.