crore IPO on July 9, offer size reduced sharply

Power transmission and distribution equipment maker Laser Power & Infra has filed its Red Herring Prospectus (RHP) with the Registrar of Companies (RoC) ahead of its Rs 742 crore initial public offering (IPO), which will open for public subscription on July 9.

The Kolkata-based, Goel family-promoted company plans to raise Rs 542 crore through a fresh issue of shares, while promoters will sell shares worth Rs 200 crore via an offer-for-sale (OFS), according to the RHP filed on July 3.

The IPO size has been reduced from the Rs 1,200 crore proposed in the draft red herring prospectus (DRHP) filed in September 2025. The Securities and Exchange Board of India (SEBI) approved the draft papers in February 2026.

The price band will be announced on July 6. Half of the issue has been reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional investors (NIIs), and the remaining 35 percent for retail investors.

The anchor investor book will open on July 8, while the public issue will close on July 13. The basis of allotment is expected to be finalised by July 14, with the shares scheduled to list on July 16.

Laser Power & Infra manufactures power cables, conductors and other transmission and distribution components from three manufacturing facilities in West Bengal with a combined installed capacity of 85,448 metric tonnes (MT). It also executes rural electrification, power distribution infrastructure and substation projects through its engineering, procurement and construction (EPC) business.

Of the fresh issue proceeds, Rs 499 crore will be used primarily to repay borrowings, while the balance will be earmarked for general corporate purposes.

The company's outstanding borrowings stood at Rs 935.7 crore as of June 17, 2026.

Manufacturing accounted for 73 percent of revenue in FY26, with the EPC business contributing the remaining 27 percent.

Laser Power & Infra reported a 42 percent year-on-year jump in net profit to Rs 151.6 crore in FY26, despite a decline in revenue, aided by stronger operating performance and margin expansion.

Revenue fell 9.5 percent to Rs 2,326.1 crore from Rs 2,570.4 crore in FY25. However, EBITDA rose 20.4 percent to Rs 301.4 crore, while the EBITDA margin expanded 321 basis points to 12.95 percent from 9.74 percent a year earlier.

The company had an order book of Rs 3,243.4 crore at the end of FY26, including Rs 1,668.9 crore from its manufacturing business.

Listed peers include Apar Industries, Polycab India, KEI Industries, Dynamic Cables and Universal Cables.

IIFL Capital Services and ICICI Securities are the book-running lead managers to the issue.