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 â€” the information technology (IT) arm of the construction and engineering company â€” 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.