Anchor Investors Put ₹222 Crore Into Laser Power & Infra As ₹742 Crore IPO Kicks Off Bidding

Kolkata-based power cable and conductor maker Laser Power & Infra has locked in ₹222 crore from anchor investors, allotting 1.04 crore equity shares at ₹214 per share, the upper end of the price band, ahead of its initial public offering (IPO), which opened or public subscription on 9 July. The issue will remain open until 13 July.

Domestic mutual funds were the largest category in the anchor book, with eight fund houses receiving 76.63 lakh shares, or 73.67% of the total allocation across 12 schemes.

Prominent names in the Laser Power & Infra anchor investor list include Nippon Life Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund and Bank of India Mutual Fund. Insurance companies Kotak Mahindra Life and Edelweiss Life also participated, alongside foreign investors Societe Generale and Buoyant Capital AIF.

Laser Power & Infra: IPO Structure And Key Dates

The ₹742 crore public issue combines a fresh equity raise of ₹542 crore with an offer for sale of ₹200 crore by promoter shareholders Deepak Goel, Rakhi Goel and Devesh Goel.

The price band is set at ₹203 to ₹214 per share, valuing the company at over ₹3,000 crore at the upper end. Retail investors can bid for a minimum lot of 70 shares, requiring an investment of ₹14,980 at the top of the band.

Share allotment is expected on 14 July, with listing on both NSE and BSE on 16 July. IIFL Capital Services is the book-running lead manager and MUFG Intime India serves as registrar.

Debt Reduction The Priority

The company's chairman and managing director said the primary purpose of the fresh issue is to bring down debt. Around ₹490 crore from the proceeds has been earmarked for repaying or prepaying borrowings, which stood at ₹935.7 crore as of 17 June. He noted this would cut outstanding debt by more than 50%, lightening the balance sheet and reducing the cost of funding, which he expects to flow through to the bottom line over time.

He also said the IPO size was deliberately trimmed from the ₹1,200 crore proposed in the original draft papers, following investor feedback during the listing process.

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