Laser Power & Infra's Rs 742 crore IPO opened for subscription on Thursday. The integrated manufacturer of power cables and conductors is drawing interest in the grey market, with its GMP hovering around 10%, signalling a potential listing gain over the issue price.
The company’s shares are commanding a premium of nearly Rs 21 over the upper price band of Rs 214, suggesting an estimated listing price of approximately Rs 235 per share if the current market sentiment sustains through listing day.
The Laser Power & Infra IPO will remain open for subscription from July 9 to July 13, 2026. The company has fixed the price band at Rs 203 to Rs 214 per equity share.
The Rs 742-crore public issue comprises a fresh issue and an Offer for Sale (OFS). Through the fresh issue, the company plans to raise Rs 542 crore by issuing 2.53 crore new equity shares. The proceeds will primarily be utilized towards debt repayment and other general corporate purposes.
The OFS component includes 0.93 crore equity shares worth Rs 200 crore, allowing existing shareholders to partially exit their investments and unlock value. The Offer for Sale will be carried out by promoter shareholders Deepak Goel, Rakhi Goel, and Devesh Goel, who will reduce part of their stake through the public offering.
The share allotment for the IPO is expected to be finalized on July 14, 2026. Following this, Laser Power & Infra shares are likely to be listed on both the NSE and BSE on July 16, 2026.
At the upper price band of Rs 214 per share, investors can bid for the IPO in lots of 70 shares. Retail investors applying for the minimum one lot will need to invest Rs 14,980.
IIFL Capital Services Ltd. has been appointed as the book-running lead manager for the issue, while MUFG Intime India Pvt. Ltd. will serve as the registrar.
About Laser Power & Infra
Laser Power & Infra Ltd. is an integrated player in the power transmission and distribution industry, manufacturing power cables, control cables, conductors, and other specialized products.
In addition to manufacturing, the company has expanded into the Engineering, Procurement and Construction (EPC) business, executing turnkey projects related to rural electrification, power distribution infrastructure, substations, and other transmission solutions.
As of March 31, 2026, the company operated three manufacturing facilities in West Bengal with a combined installed production capacity of 85.448 MT.
Laser Power & Infra operates through two key verticals—manufacturing and EPC (Engineering, Procurement and Construction)—both closely linked to the power transmission and distribution ecosystem.
In its manufacturing division, the company produces a wide range of electrical products including power cables, control cables, conductors, and specialised components designed for use in power infrastructure projects.
Alongside manufacturing, the company has also built a strong presence in the EPC space, delivering end-to-end solutions for rural electrification projects, urban power distribution networks, distribution infrastructure development, and turnkey power transmission assignments across various geographies.The company has built a strong execution footprint, operating across 26 states, four Union Territories, and 10 international markets. As of March 31, 2026, its order book stood at Rs 32,434 million (around Rs 3,243 crore), providing healthy revenue visibility.
Objects of the Issue
The primary objective of the fresh issue is to strengthen the company’s balance sheet by reducing its debt burden. A significant portion of the proceeds will be directed toward the pre-payment or repayment of certain outstanding borrowings, amounting to Rs 490 crore.
Any remaining funds raised through the issue will be allocated towards general corporate purposes, along with meeting various issue-related expenses, as per the company’s requirements.
Financial Performance
Laser Power & Infra delivered a mixed set of financial results in FY26. The company witnessed a moderation in revenue; however, it simultaneously demonstrated strong improvement in profitability, reflecting better operational efficiency.
On the financial front, total income declined to Rs 2,347.89 crore in FY26 from Rs 2,592.53 crore in FY25, though it remained significantly higher than Rs 1,763.65 crore reported in FY24. In contrast, profit after tax (PAT) showed a healthy upward trend, rising to Rs 151.59 crore in FY26, compared with Rs 106.75 crore in FY25 and Rs 40.41 crore in FY24.
The company's total income declined by around 9% in FY26 compared to FY25, reflecting slower revenue growth. However, profit after tax surged nearly 42% year-on-year, indicating improved operating efficiency and stronger margins.
Key Risk Factors
Investors should note the customer concentration risk highlighted in the company's Red Herring Prospectus (RHP). The company's business is significantly dependent on a handful of clients, with its top 10 customers contributing 72.14% of revenue in FY26, 68.87% in FY25, and 53.37% in FY24.
Any reduction in business from these key customers, delays in project execution, or cancellation of contracts could adversely impact the company's revenue, profitability, cash flows, and overall financial performance.
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