L&T Infotech’s initial public offering (IPO) opens on 11 July 2016. The price band is Rs 705-710 per share. The company is offering a discount of Rs 10 for retail investors. The IPO will close on 13 July.
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L&T Infotech is IT unit India’s largest engineering and construction firm Larsen and Toubro. The public offering is a pure offer for sale with the parent firm L&T looking to divest about 10.3% of its stake in the company.
L&T Infotech is structured around two businesses—the industrials and the services clusters. Industrials cluster caters to clients in sectors such as manufacturing, energy and utilities, hi-tech and consumer electronics, automotive and aerospace, engineering and construction. The services cluster focuses on banking, financial services, insurance, travel and logistics, media and entertainment, and healthcare.
L&T Infotech’s revenue rose 2.15% to Rs 4744 crore for the year ended 31 March 2015 from Rs.4,644 crore in the previous year. Net profit fell 14% to Rs.774 crore from Rs 903 crore a year ago.