New Delhi

Theinitial public offering of integrated power cables and transmission products manufacturer Laser Power & Infra Ltd was subscribed 16 per cent on the first day of bidding on Thursday.

The IPO received bids for 40,59,650 shares against 2,55,86,207 shares on offer, as per data available with the NSE.

The category for retail investors was subscribed 23 per cent, while the quota for non-institutional investors was booked 19 per cent. The Qualified Institutional Buyers (QIBs) category did not receive any bids on the first day.

Laser Power & Infra Ltd on Wednesday raised around Rs 223 crore from anchor investors.

The company's Rs 742-crore IPO will conclude on Monday, July 13.

The IPO comprises a fresh issue of equity shares worth Rs 542 crore and an Offer-for-Sale (OFS) of Rs 200 crore by promoters.

Under the OFS, promoters Deepak Goel, Rakhi Goel and Devesh Goel will sell shares worth up to Rs 112.5 crore, Rs 25 crore and Rs 62.5 crore, respectively.

The price band for the offer has been fixed at Rs 203-214 per share. At the upper end of the price band, the Kolkata-headquartered company is valued at around Rs 3,000 crore.

The proceeds from the fresh issue will primarily be used to prepay or repay borrowings worth Rs 490 crore, while the balance amount will be utilised for general corporate purposes.

Laser Power & Infra operates in the manufacturing and engineering, procurement and construction (EPC) segments. It manufactures power cables, conductors, aluminium wire rods, aerial bunched cables and other products used in the power transmission and distribution sector.

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