L&T Finance Holdings priced its initial public offering (IPO) near low end of the price band, raising $252 million in a market that has seen fewer new issues so far this year due to weak markets.
The company, a unit of Indian engineering conglomerate Larsen & Toubro , has fixed the issue price at 52 rupees a share, while the price range for the public offering was at 51-59 rupees a share.
Before the launch of the public offering, L&T Finance had raised around $36 million from three cornerstone investors including DSP BlackRock, Malaysia's Khazanah and US private-equity fund Capital International. It had earlier raised $75 million in a pre-IPO share placement to Capital International.
HSBC , Citigroup , JM Financial , Barclays Capital , Credit Suisse and Equirus Capital were the arrangers for the L&T Finance offer.