Laser Power & Infra shares jump 26% on India debut
Laser Power & Infra’s strong market debut underscores sustained investor demand for Indian power transmission assets, pricing the stock at a significant premium to its issue price.
Laser Power & Infra listed on Indian exchanges on July 16, opening at ₹250 on the NSE and ₹269 on the BSE. Against an issue price of ₹214, the stock debuted at premiums of 16.8% and 25.7% respectively. The listing aligned closely with pre-market expectations, where a grey market premium of ₹40 had forecasted an opening around ₹254.
Demand for the offering was heavily concentrated among institutional and non-institutional buyers. Investors bid for 100.43 crore shares against the 3.46 crore on offer, driving the overall subscription to 28.97 times. Qualified institutional buyers bid 39.49 times their allocated portion, while non-institutional investors submitted bids at 45.54 times their quota. Retail individual investors subscribed 6.84 times their reserved share.
The company raised ₹742 crore through the public issue, which featured a price band of ₹203 to ₹214 per equity share. The capital comprised a fresh equity issuance of ₹542 crore and an offer for sale of ₹200 crore by promoters. Promoters Deepak, Devesh, and Rakhi Goel offloaded shares worth ₹112.5 crore, ₹62.5 crore, and ₹25 crore respectively. Prior to the public subscription, anchor investors contributed ₹223 crore.
Proceeds from the fresh issuance are earmarked primarily for balance sheet deleveraging, with ₹490 crore allocated to repaying borrowings. This focus on debt reduction follows a period of rapid financial expansion for the power cable and EPC contractor. Revenue grew at a compound annual growth rate of 39.84% between FY23 and FY25, climbing from ₹1,314.46 crore to ₹2,570.40 crore.
Profitability metrics expanded alongside this top-line growth. Profit after tax more than quadrupled from ₹23.19 crore to ₹106.75 crore over the two-year period, pushing the net margin from 1.75% to 4.12%. Earnings before interest, taxes, depreciation, and amortization rose from ₹111.67 crore to ₹250.39 crore, with margins improving to 9.74% from 8.50%.
The successful float, managed by IIFL Capital Services and ICICI Securities, highlights the valuation premium currently assigned to India's power transmission and distribution sector. Investors are capitalizing on manufacturers demonstrating scalable revenue growth amid the country's ongoing grid expansion and infrastructure buildout.
