L&T Technology Services IPO On The Anvil: Report

New Delhi: After the successful Rs 1,243-crore IPO of L&T Infotech, the diversified Larsen & Toubro group is lining up the initial share sale of another group entity L&T Technology Services.

The IPO size of L&T Technology Services is estimated to be more than Rs 750 crore. It could go up to Rs 900-1,000 crore, sources said.

The company, which provides innovative engineering as well as research and development services across sectors, has revenues worth nearly $500 million.

L&T Technology Services also offers engineering analytics, Internet of Things and automation solutions.

Ahead of the L&T Infotech IPO, group executive chairman A M Naik had told PTI in an interview that the group was already working on the listing of L&T's "third baby" in the stock market but did not disclose the name.

"All I can say is that L&T Finance took 17 years to come to the market, and now we are coming after 5.5 years and I can assure you it (the third) will be less than 5.5 years," Mr Naik had said.

Besides parent Larsen & Tourbo, L&T Finance Holdings is also listed while L&T Infotech's IPO closed with nearly 12 times oversubscription on Wednesday.

The erstwhile L&T Integrated Engineering Services, carved out of parent L&T in 2010, was renamed as L&T Technology Services in 2012.

Later, certain businesses of L&T Infotech, including telecom and high-tech product engineering services businesses, were transferred to L&T Technology Services.

Eliciting a strong response, the initial share sale of L&T Infotech was oversubscribed nearly 12 times with the number of applications crossing 1 million.