The ₹742 crore Laser Power & Infra IPO entered Day 2 of subscription on July 10, 2026, with grey market indicators pointing to an 11.21% listing gain over the upper price band of ₹214 per share. Backed by an anchor book of ₹222.60 crore, the company plans to use the proceeds to pay off ₹490 crore in debt, improving its financial position to leverage India's expanding power infrastructure sector.
MUMBAI — The initial public offering (IPO) of Kolkata-based manufacturer Laser Power & Infra Limited entered its second active day of public bidding on Friday, July 10, 2026. Early trends from the grey market show that the Laser Power & Infra IPO is attracting steady retail attention. Unofficial market metrics signal an estimated 11.21% listing premium over the upper boundary of the company's designated pricing spectrum.
The ₹742 crore public issue opened for investor bidding on July 9 and is scheduled to close on Monday, July 13, 2026. This primary market launch arrives at a critical juncture for domestic equities as investors closely monitor manufacturing companies capitalizing on India’s accelerating grid transmission and rural electrification programs.
Subscription Status Tracks Steady Demand on Day 2
Data released across the formal stock tracking mechanisms of the National Stock Exchange of India (NSE) and BSE Limited indicated moderate, progressive expansion in bidding blocks during the initial hours of Day 2. By the conclusion of the first day of public subscription, the book-built issue had achieved an overall subscription rate of 0.17 times.
The retail individual investor (RII) portion led the initial demand, securing a subscription rate of 0.26 times. Non-institutional investors (NIIs), which typically include high-net-worth individuals and corporate entities, booked their reserved quota at 0.20 times. Conversely, the Qualified Institutional Buyers (QIBs) segment showed no early bids on the first day. This delay aligns with typical institutional bidding patterns, where large funds place their primary volume blocks during the final afternoon of the subscription window.
Prior to opening the book to the general public, Laser Power & Infra successfully mobilized an anchor investor allocation worth ₹222.60 crore on July 8, 2026, anchoring structural liquidity into the issue.
Grey Market Premium and Pricing Metrics
In the informal grey market, sentiment surrounding the Laser Power & Infra IPO remains positive. According to active tracking logs recorded on July 10, the Grey Market Premium (GMP) held steady at ₹24 per share over the upper price band. Given the company's fixed price band of ₹203 to ₹214 per equity share, the current GMP hints at a projected opening price of roughly ₹238 per share on its listing day, translating to an estimated listing gain of 11.21%.
Financial advisors emphasize that while the grey market premium acts as a key indicator of short-term retail demand, it remains an unregulated, unofficial metric that is highly vulnerable to broader secondary market volatility. The final listing outcome will depend on the final institutional subscription volumes secured by July 13.
Balance Sheet Deleveraging and Capital Structure
The ₹742 crore public issue is structured as a combination of fresh capital generation and a partial exit for existing stakeholders. The fresh issue component comprises equity shares worth ₹542 crore, while the remaining ₹200 crore represents an Offer for Sale (OFS) by the promoter group. As part of the OFS, promoters Deepak Goel, Devesh Goel, and Rakhi Goel will reduce their aggregate holdings, which will drop from 100% pre-issue to 75.29% post-listing.
According to the company's Red Herring Prospectus (RHP) filed with the Securities and Exchange Board of India (SEBI), the management intends to allocate ₹490 crore from the net fresh proceeds strictly toward the prepayment or full repayment of outstanding commercial borrowings. The company's total debt stood at ₹828.23 crore at the close of the 2026 fiscal year, heavily driven by working capital demands. Deleveraging the balance sheet is expected to significantly reduce interest expenses, improving the firm's net profit margins moving forward. The remaining funds are designated for general corporate purposes and issue-related operational overhead.
Business Operations and Industrial Strengths
Incorporated in 1988, Laser Power & Infra Limited operates an integrated business model focused on manufacturing power cables, conductors, and specialized products for the electrical transmission sector. In 2015, the firm expanded into the Engineering, Procurement, and Construction (EPC) segment, allowing it to execute turnkey rural electrification and substation development projects across 26 states and four Union Territories.
The firm operates three manufacturing plants located across West Bengal, with a combined production capacity of 85,448 metric tonnes (MT) as of March 31, 2026. Financial performance metrics show steady growth; the company reported a revenue from operations of ₹2,326.10 crore and a profit after tax (PAT) of ₹151.59 crore for the fiscal year ended March 31, 2026. At the upper price threshold of ₹214, the company is seeking a post-IPO market capitalization of approximately ₹3,004 crore, reflecting a price-to-earnings (P/E) multiple of 19.82x. This valuation is lower than larger listed peers like Polycab India and KEI Industries, making it an attractive option for value-oriented investors.
Official Sources Section
The corporate structure, financial metrics, and timeline for the Laser Power & Infra IPO are verified through official regulatory filings submitted to the Securities and Exchange Board of India (SEBI) and prospectus files distributed via the book-running lead managers, IIFL Capital Services Limited and ICICI Securities Limited.
Quote Section
"According to officials managing the issue's allocation pipeline, the primary goal of the capital raise is structural debt reduction," corporate advisory reviews stated. "By clearing up to ₹490 crore in outstanding liabilities, the company aims to significantly lower its finance costs and free up internal cash flows to support its growing ₹3,243 crore EPC order book."
Why It Matters
The launch of the Laser Power & Infra IPO provides institutional and retail investors with pure-play exposure to India's expanding power infrastructure sector. As state distribution companies upgrade grids to handle rising renewable energy capacities, manufacturers of high-grade cables and conductors stand to benefit from steady, long-term order volumes. However, potential subscribers must carefully balance these growth prospects against the company's past history of negative operating cash flows caused by slow collections in government turnkey contracts.
Key Facts at a Glance
Issue Value & Price Band: Total issue size of ₹742 crore, with an individual share price band set at ₹203 to ₹214.
Application Size: Retail applications require a minimum investment of ₹14,980 for a lot of 70 equity shares.
Grey Market Signal: The current GMP of ₹24 indicates an estimated 11.21% listing gain at debut.
Debt Prepayment: The company has earmarked ₹490 crore from the fresh issue proceeds to pay down its outstanding borrowings.
Key Tentative Timelines: The subscription closes on July 13, share allotment is expected on July 14, and listing on the NSE and BSE is slated for July 16, 2026.
FAQ Section
What is the lot size and minimum investment required for retail investors?
For the Laser Power & Infra IPO, retail individual investors can apply for a minimum of 1 lot comprising 70 shares, requiring a capital outlay of ₹14,980 at the upper price band of ₹214.
How will the company utilize the money raised from the fresh issue?
The company will use ₹490 crore of the fresh capital to prepay or repay outstanding corporate loans, while the remainder will fund general corporate expansion and issue-related administrative costs.
Where and when will the shares of the company be listed?
The shares are tentatively scheduled to debut on both the BSE and NSE exchanges on Thursday, July 16, 2026, following the finalization of allotments on July 14.
Source: Red Herring Prospectus (RHP) submitted to SEBI India and subscription tracking indexes published by the National Stock Exchange of India (NSE).
