Lakshya Powertech IPO Day 1: GMP, subscription status, price band, other details of NSE SME IPO

Lakshya Powertech IPO: The initial public offering (IPO) of power generation firm Lakshya Powertech Limited opened in the Indian primary market on Wednesday, October 16. The IPO, available for subscription until Friday, October 18, has seen strong demand, with nearly 20 times oversubscription within the first two hours of its launch. The SME IPO, which aims to raise ₹49.91 crore, is a fresh issue of 27.73 lakh shares. The current grey market premium (GMP) of the issue indicates shares of the company could be listed at a solid premium of over 90 per cent.

Lakshya Powertech IPO subscription status

By 12:05 pm on the first day of subscription on Wednesday, the issue had seen an overall subscription of 20.03 times. The retail portion of the issue was subscribed 34.36 times, and the segment reserved for the non-institutional buyers was subscribed 17.75 times. The segment for the qualified institutional buyers' had not seen any subscription till that time.

Lakshya Powertech IPO details

1. Lakshya Powertech IPO GMP: According to market sources, the GMP of Lakshya Powertech around 12:05 pm on Wednesday was ₹169. Considering the upper price band of the issue of ₹180 and the latest GMP, the stock is expected to be listed at ₹349, at a premium of 93.89 per cent.

2. Lakshya Powertech IPO date: The issue opened for subscription on Wednesday, October 16, and will conclude on Friday, October 18.

3. Lakshya Powertech IPO price: The price band of the public issue has been fixed at ₹171 to ₹180 per equity share.

4. Lakshya Powertech IPO size: The company intends to raise ₹49.91 crore from the issue, which it will use for paying borrowings, to meet working capital requirements and general corporate purposes.

5. Lakshya Powertech IPO lot size: Bidders can apply in lots, and one lot of the NSE SME IPO comprises 800 company shares.

6. Lakshya Powertech IPO reservation: The IPO offers 5,24,800 shares to qualified institutional buyers, 3,96,000 shares to non-institutional buyers, and 8,96,000 to retail investors.

7. Lakshya Powertech IPO allotment date: The company is expected to finalise the share allotment on Monday, October 21. Successful bidders can expect shares of the company in their demat accounts on Tuesday, October 22, and bidders who fail to get the allocation may get the refund on the same day.

8. Lakshya Powertech IPO book-running lead manager and registrar: GYR Capital Advisors Private Limited is the book-running lead manager, while Kfin Technologies Limited is the official registrar of the SME IPO.

9. Lakshya Powertech IPO listing: The SME IPO is proposed for listing on the NSE SME on Wednesday, October 23.

10. Lakshya Powertech business overview: The company specialises in freelance power generation consultancy, operations and maintenance for gas-fired power plants and large power generation projects. The company's profit after tax for FY22, FY23 and FY24 stood at ₹104.58 lakh, ₹271.09 lakh and ₹1,567.77 lakh, respectively. In the current financial year, till August 31, the company earned a profit of ₹597.11 lakh.

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