Shares of L&T Infotech made a sluggish debut on the bourses on Thursday, falling over 6%, against the issue price of Rs 710.
The stock listed at Rs 666.60, down 6.11%, as compared to the issue price on the Bombay Stock Exchange (BSE). It was later trading with a loss of 2.23% at Rs 694.15.
At National Stock Exchange (NSE), the scrip debuted at Rs 667, reflecting a fall of 6%.
The company at present commands a market valuation of Rs 11,799 crore.
Shares of Larsen & Toubro were trading 0.41% lower at Rs 1,565 on BSE.
The firm’s IPO which was oversubscribed nearly 12 times had attracted more than one million applications, the highest for any share sale offer in at least five years.
From 2011 till date, L&T Infotech is the first one to attract million applications.
L&T Infotech had fixed a price band of Rs 705-710 per share for the offering.
Kotak Mahindra Capital Company, Citigroup Global Markets India and ICICI Securities were the managers of the issue.
In the financial year 2015-16, L&T Infotech’s revenue from operations and other income stood at Rs 6,143.02 crore, while it clocked a profit after tax of Rs 922.17 crore during the same period.
L&T Infotech is the sixth-largest Indian IT services player at present with a revenue of $887 million and an employee base of over 20,000 people.
The company, part of the diversified Larsen & Toubro group, has joined the list of about a dozen other companies that have come out with their initial public offerings (IPOs) so far this year.