L&T Technology Services made a strong debut on bourses on Friday as the scrip got listed at a premium of 7 per cent at Rs 920 on NSE against the issue price of Rs 860. The public offer was opened for subscription from September 12 to September 15 and was oversubscribed by 2.53 times. On BSE, shares of the company listed at Rs 900, up nearly 5 per cent against the issue price.
However, shares of the company closed on a flat note at Rs 860.55 on NSE against the issue price. On BSE, the scrip settled the day at Rs 865.10.
L&T Technology Services is a subsidiary of engineering conglomerate Larsen & Toubro and was incorporated in June 2012. The company had fixed a price band of Rs 850-860 per share. AM Naik, group chairman of Larsen & Toubro believes that L&T Technology Services will become a $1 billion company by 2021.
L&T Technology Services is the second firm from L&T group that hit equity markets with an IPO since July, when L&T Infotech had launched a public offer. Holding company Larsen and Toubro is already listed on bourses. The company provides innovative engineering as well as research and development services across sectors, has revenues
of nearly $500 million.