Bankers picked for L&T Technology Services IPO


L&T Technology ServicesL&T is believed to have picked up advisers for the initial public offering (IPO) of its engineering R&D arm L&T Technology Services. Kotak Mahindra Bank, Bank of America, and JM Financial will be managing the upcoming IPO of the engineering services company, although no formal announcement has been made in this regard. Draft prospectus for the initial public offering with capital market regulator SEBI is may be filed next month. L&T Technology Services IPO size is believed to be around INR10 billion (INR1,000 crore).

The L&T Technology IPO is part of its parent’s strategy to unlock value by listing or selling some of the businesses. Apart from L&T Technology Services, Larsen & Toubro is working on listing its infotech subsidiary L&T Infotech and has secured regulatory approvals to do so. While not much information is available regarding L&T Technology Services, the IPO of L&T Infotech will mobilize INR1,300-1,400 crore.

Read Also: L&T Infotech, HPL Electric added to IPO pipeline

AM Naik
AM Naik, Chairman, L&T

The engineering major also plans to list L&T Transmission & Distribution and L&T Hyrdrocarbons in the coming years. In earlier interviews, L&T Chairman AM Naik said that L&T Technology Services IPO will get listed by July 2016, followed by L&T Transmission & Distribution and L&T Hyrdrocarbons in the next two years. After heading the engineering conglomerate for more than a decade, Naik plans to retire in 2017.

Read Also: L&T Technology bracing for IPO within a year

Keshab Panda CEO L&T Technology Services
Keshab Panda, CEO, L&T Technology Services

Headed by Dr. Keshab Panda, L&T Technology Services employs 10,000 highly skilled professionals with operations at 35 locations, including 12 global delivery centers, around the globe. The company follows a multi-disciplinary and multi-domain approach and has clients in several industries including manufacturers of medical devices, phone equipment, automobiles and aircrafts. Incidentally, Tata Technologies – another domain player in the same domain – is looking forward to list itself. Tata Technologies is the engineering solutions and IT product developing subsidiary of Tata Motors.


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