After L&T Infotech, L&T Technology Services IPO on the anvil

After the successful Rs 1,243 crore L&T Infotech IPO, the diversified group is lining up the initial share sale of another group entity L&T Technology Services.

The IPO size of L&T Technology Services is estimated to be more than Rs 750 crore. It could go up to Rs 900-1,000 crore, sources said.

The company, which provides innovative engineering as well as research and development services across sectors, has revenues worth nearly $500 million.

L&T Technology Services also offers engineering analytics, Internet of Things and automation solutions.

Ahead of the L&T Infotech IPO, Group Executive Chairman A M Naik had told PTI in an interview that the group was already working on the listing of L&T's "third baby" in the stock market but did not disclose the name.

"All I can say is that L&T Finance took 17 years to come to the market, and now we are coming after 5.5 years and I can assure you it (the third) will be less than 5.5 years," Naik had said.

Besides parent Larsen & Tourbo, L&T Finance Holdings is also listed while L&T Infotech's IPO closed with nearly 12 times oversubscription yesterday.

The erstwhile L&T Integrated Engineering Services, carved out of parent L&T in 2010, was renamed as L&T Technology Services in 2012.

Later, certain businesses of L&T Infotech, including telecom and high-tech product engineering services businesses, were transferred to L&T Technology Services.

Eliciting strong response, the initial share sale of L&T Infotech was oversubscribed nearly 12 times with the number of applications crossing 1 million.

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