L&T Technology Services IPO
L&T Technology Services IPO — date, price band, lot size & details 2016
L&T Technology Services listed on 23 Sep 2016 at ₹920, 7% above the ₹860 issue price.
L&T Technology Services is a Mumbai based engineering, research and development (ER&D) services company and a subsidiary of Larsen & Toubro. Its total income was Rs 2,969.40 crore in FY2016.
Stock price
L&T Technology Services is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 12 Sep 2016
- Close 15 Sep 2016
- Allotment 20 Sep 2016
- Refund/credit 21 Sep 2016
- Listing 23 Sep 2016
Issue summary
The terms of the offer, as filed.
| IPO Dates | 12 to 15 Sep, 2016 |
|---|---|
| Price Band | ₹850 – ₹860 |
| Face Value | ₹2 |
| Lot Size | 16 Shares |
| Issue Size | ₹894.4 Cr |
| Sale Type | OFS only |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 13,760 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 16 shares at the ₹860 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 16 | ₹13,760 |
| Retail (max) | 14 | 224 | ₹1,92,640 |
| S-HNI (min) | 15 | 240 | ₹2,06,400 |
| S-HNI (max) | 72 | 1,152 | ₹9,90,720 |
| B-HNI (min) | 73 | 1,168 | ₹10,04,480 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 4
- 01Total income rose from Rs 2,585.62 crore in FY2015 to Rs 2,969.40 crore in FY2016.
- 02Profit after tax rose from Rs 315.18 crore in FY2015 to Rs 434.24 crore in FY2016.
- 03Net worth was Rs 1,161.85 crore on 30 June 2016.
- 04It is backed by Larsen & Toubro, which held 89.77% after the issue.
Risks · 5
- 01Its income was only Rs 122.20 crore in FY2014, as the business moved into the company recently.
- 02ER&D work depends on clients' research budgets and on overseas markets; total assets were Rs 1,884.02 crore.
- 03Currency moves affect its income from global clients; profit was Rs 135.06 crore in the June 2016 quarter.
- 04The whole Rs 894.4 crore issue was an offer for sale, so none of it went to the company.
- 05Larsen & Toubro held 100% before the issue and 89.77% after it, so it controls the company.
Three years of numbers
All figures in ₹ crore, as reported in the L&T Technology Services offer document.
| Metric | 30 Jun 2016 | 31 Mar 2016 | 31 Mar 2015 | 31 Mar 2014 |
|---|---|---|---|---|
| Assets | 1,884.02 | 1,822.73 | 1,714.48 | 636.89 |
| Total Income | 795.36 | 2,969.40 | 2,585.62 | 122.20 |
| Profit After Tax | 135.06 | 434.24 | 315.18 | 6.21 |
| NET Worth | 1,161.85 | 1,116.25 | 1,056.74 | 484.90 |
| Reserves and Surplus | 1,141.51 | 66.25 | 6.74 | -17.82 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Where the money goes
How the company intends to use the proceeds of the issue.
Information about the usage of proceeds from the L&T Technology Services IPO will be updated shortly.
L&T Technology Services IPO Anchor Investors
19 anchor investors across 13 fund houses committed ₹268.33 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
It serves manufacturing, technology and process engineering companies, helping them develop and build products, processes and infrastructure for their customers.
The business was built up within the company after its incorporation in 2012, so FY2014 figures are small.
The IPO was Rs 894.4 crore and was entirely an offer for sale by Larsen & Toubro at Rs 860, the top of the Rs 850 to Rs 860 band, so the company received no money.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
L&T Technology Services IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
172 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
SBI Capital Markets Ltd.
141 issues handledBest listing: Bajaj Housing Finance (+114.3%). Weakest: ICICI Securities (-16.3%).
Kotak Mahindra Capital Company Limited
204 issues handledBest listing: Premier Energies (+120.0%). Weakest: Puravankara Projects (-22.5%).
Bofa Securities India Limited
64 issues handledBest listing: Tata Technologies (+140.0%). Weakest: Puravankara Projects (-22.5%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of L&T Technology Services?
The current Grey Market Premium is ₹0.
What is the L&T Technology Services IPO price band?
₹850 to ₹860, on a face value of ₹2.
When is the allotment?
The basis of allotment is 20 September 2016, with listing on 23 September 2016.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
