L&T Finance issue price set at Rs 52

L&T Finance Holdings on Saturday announced an issue price of Rs 52 a share for its initial public offering. The price band of the IPO had been Rs 51-59. “While the IPO received good demand at different price points within the price band, to reciprocate the confidence that over six lakh applicants have placed in us we decided to price the issue at Rs.52,” said Mr. Y M Deosthalee, Chairman of L&T Finance Holdings. At Rs 52 a share, it will raise Rs 1,115.4 crore. It had planned to raise Rs 1,039- 1,265 crore through the IPO. The book-building process for the IPO ended on July 29, with subscription at 5.34 times. The QIB portion of the issue was subscribed 1.93 times, while the portion reserved for non-institutional investors and retail subscribers got subscribed 6.18 times and 9.61 times, respectively.