Lakshya Powertech Makes Strong Market Debut with 90% Premium

New Delhi, Oct 23 (KNN) Lakshya Powertech marked a stellar debut on the National Stock Exchange's SME platform today, with shares opening at Rs 342, representing a 90 percent premium over its issue price of Rs 180.

The company's initial public offering, which consisted entirely of fresh issues, successfully raised Rs 49.91 crore, with all proceeds directed to the company's treasury.

The IPO, which was offered in lots of 800 shares each within a price band of Rs 171-181 per share, has outlined specific allocations for its raised capital. 

The company plans to utilise Rs 30 crore for working capital requirements, while Rs 4.5 crore has been earmarked for debt repayment. The remaining funds will be channelled toward general corporate purposes.

A prominent player in multiple sectors including oil and gas, power, industrial, and renewable energy, Lakshya Powertech has established a strong track record in project execution and maintenance services. 

The company has successfully completed over 138 projects valued at Rs 268.43 crore. As of August 2024, its project pipeline remains robust with 45 major ongoing projects worth Rs 431.99 crore, reflecting strong growth momentum in its core business segments.

(KNN Bureau)