NSE SME Lakshya Powertech sizzles on debut

The scrip was listed at Rs 342, a premium of 90% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% compared to its listing price.

The counter hit a high of Rs 359.10 and a low of Rs 342. About 7.67 lakh shares of the company changed hands at the counter.

Lakshya Powertech's IPO was subscribed 533.89 times. The issue opened for bidding on 16 October 2024 and it closed on 18 October 2024. The price band of the IPO was set at Rs 171 to Rs 180 per share.

The IPO comprised fresh issue of 27,72,800 equity shares. The company intends to utilize the net proceeds to meet working capital requirement, prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company and general corporate purpose.

Ahead of the Lakshya Powertech on 15 October 2024, raised Rs 13.39 crore from anchor investors. The board allotted 7,44,000 lakh shares at Rs 180 per share to 11 anchor investors.

Lakshya Powertech is engineering consultancy and contracting company, distinguished for its expertise in mechanical and electrical services. The company engaged in four key sectors oil and gas, power, renewable energy, and industrial. It offers services into four primary divisions, engineering, procurement, construction & commissioning, integrated operation & maintenance services, special services. As at 31 August 2024, the company had 45 major on-going projects out of which 45 projects worth approximately Rs 431.99 crore has been confirmed based on letter of allocation/purchase order for which Rs 265.95 crore worth project execution is pending. As on 31 August 2024, the company had 907 employees.

The company recorded revenue from operations of Rs 57.80 crore and net profit of Rs 5.97 crore for the period as of 31 August 2024.