L&T Infotech IPO fully subscribed on the first day

MUMBAI: Shares of engineering and construction giant Larsen & Toubro rose on Monday after the ₹1,234-crore initial public offering (IPO) of its software services

MUMBAI: Shares of engineering and construction giant Larsen & Toubro rose on Monday after the ₹1,234-crore initial public offering (IPO) of its software services unit L&T Infotech got fully subscribed on the first day itself.

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The issue was subscribed 1.23 times, according to data from stock exchanges. On the National Stock Exchange (NSE), the qualified institutional buyers (QIB) portion was subscribed 1.76 times. The issue closes on Wednesday.

L&T shares closed up 1.8% at ₹1,559.35 on the Bombay Stock Exchange (BSE) on Monday. The stock has rallied 26% since market regulator Sebi approved L&T Infotech’s IPO on May 23.