The Rs 1092-crore IPO of L&T Finance Holdings , a subsidiary of engineering & construction companyLarsen and Toubro , has been seen nearly 50% subscription on day 1, with receiving support from all investors. The issue has received bids for nearly 10 crore shares against approximate issue size of 21.45 crore shares.
Reserved portion of qualified institutional buyers, non-institutional investors and retail investors has been subscribed between 0.4 and 0.6 times.
Experts believe that L&T Finance Holdings issue will get good response as it has a brand name of L&T behind it and company successfully raised about Rs 483 crore via pre-IPO placement and anchor book.
It is a financial holding company offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services, through direct and indirect wholly-owned subsidiaries.
L&T Finance Holdings plans to use issue proceeds for augmenting the capital base of L&T Finance and L&T Infra to meet the capital requirements arising out of expected growth in their assets, primarily the loan portfolio
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