Kolkata-based Laser Power & Infra Ltd has successfully raised ₹222.6 crore through its anchor investor book on July 8, a day before the IPO's public opening on July 9. The company finalised allocation of 1.04 crore equity shares to 15 anchor investors at the upper price band of ₹214 per share. According to the company's filing to exchanges, 8 domestic mutual funds applied through their 12 schemes, with Nippon Life India, HDFC Mutual Fund, Kotak Mahindra AMC, Mirae Asset, Motilal Oswal AMC, Bandhan Mutual Fund, Edelweiss, and Bank of India Mutual Fund receiving allocations. Other notable investors included Societe Generale, Kotak Mahindra Life Insurance, Edelweiss Life Insurance, Sanshi Fund, 3P India Equity Fund, Buoyant Capital AIF, and SageOne. The grey market premium (GMP) stood at ₹21 per share, indicating a likely listing price of ₹235, representing a 9.81% premium from the offer price of ₹214. The GMP has declined from ₹28 recorded on July 6, as reported by InvestorGain. IPO Watch estimated the GMP at ₹45, or a 21.03% expected listing gain, on July 6, which has since declined to ₹15, suggesting an expected listing gain of 7.01% by July 8.
Multiple brokerages have expressed positive sentiment toward Laser Power & Infra's IPO, citing attractive valuations compared to peers. SBI Securities recommended investors subscribe to the IPO with a long-term investment horizon, noting that at the upper price band of ₹214, the IPO is valued at an FY26 P/E multiple of 25.3x on a post-issue basis. According to SBI Securities, this valuation is significantly lower than some of its larger peers and in line with peers of similar size. The brokerage highlighted that Laser Power & Infra is a strategically located cable and conductor manufacturer in East India catering to the power transmission segment, with its location advantage and partnership with a leading global player providing an edge over peers. Swastika Investmart also recommended subscribing to the issue for the medium to long term, citing attractive valuations, lower debt, and favourable sector prospects. The brokerage noted that around 90% of the fresh issue proceeds will be used to repay debt, which should reduce interest costs and improve profitability. Master Capital's latest IPO note suggests investors may consider the IPO as a potential long-term investment opportunity, highlighting the company's position as one of the leading players in terms of manufacturing capacity for power cables and conductors in East India.
The ₹742 crore IPO is set to open for public subscription on July 9, 2026 with a price band of ₹203-214 per share, as detailed in the company's red herring prospectus. The issue will close on July 13, 2026, with half of the issue 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 opened on July 8, 2026, while the basis of allotment is expected to be finalised by July 14, 2026, with shares scheduled to list on July 16, 2026. Laser Power & Infra shares will be listed on BSE and NSE. At the upper end of the price band, the company will command a post-listing market capitalisation of ₹3,004 crore. The IPO comprises a fresh issue of 25.3 million equity shares aggregating to ₹542 crore and an offer for sale (OFS) of up to 9.3 million shares worth ₹200 crore by existing shareholders. Investors can bid for a minimum of 70 equity shares and in multiples thereof, with the minimum investment requirement of ₹14,980 (70 shares) based on the upper price of ₹214. IIFL Capital Services and ICICI Securities have been appointed as the merchant bankers for managing the IPO.
Despite reporting record profit of ₹151.6 crore in FY26, LPIL faces significant cash flow challenges with negative operating cash flow of ₹119 crore, a sharp reversal from positive ₹60 crore in FY25. According to latest reports, trade receivables increased by ₹357 crore in a single year, with average collection period stretching to 196 days in FY26 from 135 days in FY25. Trade receivables as a percentage of revenue from operations rose sharply from 44% in FY25 to 59% in FY26, significantly higher than peers such as Apar Industries and Dynamic Cables, which reported receivables at around 23-24% of revenue in FY26. This has resulted in working capital cycle deteriorating from 88 days to 138 days, indicating that revenue and profits are being recognised well before the company receives actual cash. The company's top 10 customers made up 72% of FY26 revenue, with one customer alone contributing nearly a quarter, adding to payment cycle risks. Total debt more than doubled from ₹403 crore in FY24 to ₹871 crore in FY26, with debt now standing at 1.2 times the company's net worth. Interest costs rose sharply in FY26, eating into the same profit growth that headline numbers otherwise celebrate.
The company plans to utilise ₹490 crore of proceeds from the net fresh issue for repaying certain outstanding borrowings, with the remainder funds allocated for general corporate purposes. As of June 17, 2026, the company had outstanding debt of ₹935.6 crore on its books, making the debt repayment component particularly significant. According to reports from CNBC TV18, LPIL reported revenue of ₹2,326.1 crore and net profit of ₹151.6 crore in FY26, representing a 42 percent year-on-year jump in net profit despite a 9.5 percent decline in revenue from ₹2,570.4 crore in FY25. The company's EBITDA rose 20.4 percent to ₹301.4 crore, while the EBITDA margin expanded 321 basis points to 12.96% from 9.74% a year earlier. Manufacturing accounted for 73 percent of revenue in FY26, with the EPC business contributing the remaining 27 percent. The company operates three manufacturing units in West Bengal with a combined installed capacity of 85,448 MT and maintains an order book of ₹3,243.4 crore at the end of FY26, including ₹1,668.9 crore from its manufacturing business.
As reported by CNBC TV18, LPIL operates an EPC division and is a licensed stranding partner of US-based TS Conductor, enabling it to locally manufacture advanced high-capacity conductors that are lighter, stronger and more energy-efficient than conventional ACSR or CFCC conductors. The company's clientele includes Indian Railways, multiple Odisha distribution companies and private EPC players such as Montecarlo Ltd and KRYFS Power Components Ltd. According to CRISIL, the domestic cables and wire market is projected to grow at a CAGR of 13 per cent, driven by infrastructure projects, railway electrification, smart grid investments and export demand, providing a favorable market backdrop for the company's expansion plans. Listed peers include Apar Industries, Polycab India, KEI Industries, Dynamic Cables and Universal Cables, while IIFL Capital Services Ltd. is the book-running lead manager and MUFG Intime India Ltd. is the registrar to the IPO. The company describes itself as the fastest-growing manufacturer of power cables and conductors in India by revenue growth during the relevant period, with strong and diversified order book providing revenue visibility and established relationships with marquee customers and strategic partnerships with international players as key competitive strengths.
