L&T Tech Sets Price Of Rs 850-860 For Its IPO: Reports

L&T Technology Services, a unit of construction giant Larsen & Toubro (L&T), has said that it has set the price band of its upcoming initial public offer at Rs 850-860 apiece.

As per reports, the 1.04-crore-share issue, which will open on September 12, will help L&T raise up to Rs 894 crore.

L&T Tech Sets Price Of Rs 850-860 For Its IPO: Reports
Larsen & Toubro: Quotes, News
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As per reports, L&T is selling a 10.2 per cent stake in the engineering, research and development services company in the initial public offer (IPO).

Investors will have to bid for at least 16 shares in the issue and its multiples. Analysts say the IPO price valuations are pricey compared to its peers like Tata Elxsi, KPIT Technologies and Cyient.

According to an analyst, the IPO pricing seems expensive compared to other technology stocks, taking into account the macroeconomic pressures in the technology and engineering space.

Read more about: larsen toubro
Story first published: Wednesday, September 7, 2016, 12:40 [IST]
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