Larsen & Toubro
"Together both the technology subsidiaries (L&T Infotech and L&T Technology Services) have revenue of $1.5 billion," A.M. Naik, L&T ChairmanReuters

L&T Technology Services could be the next to go for an initial public offering (IPO) after L&T Infotech. A.M. Naik, chairman of Larsen & Toubro, the holding company of the two subsidiaries, acknowledged the listing plans of L&T Technology Services. 

"The promoters are planning to par 10% of their stake in the company and is eyeing a valuation of around $1-1.5 billion," a source told Business Standard.

"L&T Technology Services' listing will happen in some time, not in 3-4 weeks. We have not made up our mind on the time line of L&T Technology Services IPO. We want to digest one IPO at a time," Naik told the daily.

L&T Infotech — the information technology (IT) arm of the construction and engineering company — is currently in the market, offering 1.75 crore shares. Larsen & Toubro is offloading a part of its stake in the company. The three-day public issue opened on Monday (July 11) and the company has fixed a price band of Rs. 705-710 per share.

L&T Technology Services revenues for financial year 2015-16 stood at around $470 million and the company wants to achieve a business of $525 million this fiscal, the daily reported, citing sources.

The Larsen and Toubro stock closed at Rs. 1,559.35, up 1.80 percent from its previous close on the Bombay Stock Exchange. 

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