The board of Kalpataru Power Transmission Sweden AB (KPTS), a wholly owned subsidiary of Kalpataru Projects International, approved the offering of equity shares in Linjemontage I Grtorp AB (LMG) at its meeting held on September 9, 2026. According to reports from Business Standard, the approval covers LMG's initial public offering and listing on Nasdaq Stockholm. LMG is described as a first level step-down material subsidiary of the company.
The offering is expected to consist of existing shares in LMG offered by KPTS and certain other selling shareholders, which are management investors. As reported by Business Standard, the offer by selling shareholders of equity shares with quota value of SEK 0.50 each is being made at an offer price representing a valuation for all shares in LMG following the offering of up to approximately SEK 2,350 million. This valuation translates to approximately ₹2,324 crore at current exchange rates. However, the company notes that this valuation is subject to revisions as permissible by applicable laws and market conditions.
LMG operates as a leader in engineering, procurement, and construction (EPC) services, focusing on projects up to 400 kV, covering the entire value chain from planning and design through to commissioning. According to the latest reports, the company is pivotal in modernising and expanding the Nordic electricity grid, with Sweden's aging transmission grid and increasing electrification driving investment needs. LMG is well-positioned in a growing market expected to see an 11% compounded annual growth rate until 2030. The company has demonstrated robust financial performance, with net sales escalating from about SEK 1.3 billion in 2023/2024 to SEK 3.2 billion in 2025/2026.
The proposed offering remains subject to prevailing market conditions, receipt of necessary approvals and clearances, and such other customary considerations as may be applicable. According to Business Standard, upon completion of the proposed offering and listing, LMG is expected to continue to remain a step-down subsidiary of the Company. The listing is pending customary conditions and approvals, with the IPO completion anticipated by the end of September 2026, subject to market conditions. Upon completion of the IPO, Kalpataru Sweden intends to remain a significant shareholder, maintaining its support for LMG's strategic goals.
