L&T Infotech to make stock market debut tomorrow

New Delhi: L&T Infotech, which recently concluded its Rs 1,243-crore IPO, will make its stock market debut tomorrow. The listing will take place at the NSE in presence of L&T Group Executive Chairman A M Naik and other top officials along with merchant bankers. The company’s shares will list on leading stock exchanges NSE and BSE.  The company’s IPO had attracted more than one million applications, the highest for any share sale offer in at least five years. From 2011 till date, L&T Infotech is the first one to attract million applications. L&T Infotech had fixed a price band of Rs 705-710 per share for the offering. Kotak Mahindra Capital Company, Citigroup Global Markets India and ICICI Securities were the managers of the issue. In the financial year 2015-16, L&T Infotech’s revenue from operations and other income stood at Rs 6,143.02 crore, while it clocked a profit after tax of Rs 922.17 crore during the same period. L&T Infotech is the sixth largest Indian IT services player at present with a revenue of USD 887 million and an employee base of over 20,000 people. The company, part of the diversified Larsen & Toubro group, has joined the list of about a dozen other companies that have come out with their IPOs so far this year.