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Shares of L&T Technology Services Ltd rose as much as 8.3 per cent on debut on Friday after the company's $134-million initial public offering.
The stock opened at Rs 920 ($13.79) on the National Stock Exchange and rose to a high of Rs 931.45 compared with the IPO issue price of Rs 860.
The Rs 900-crore IPO of L&T Technology Services was oversubscribed 2.53 times during September 12-15. Price band for the offer was fixed at Rs. 850-860.
This is the second company from the L&T group to hit the market with an IPO since July, when L&T Infotech had launched a public offer. The flagship Larsen and Toubro is already listed.
The firm, which provides innovative engineering as well as research and development services across sectors, has revenues of nearly $500 million.
L&T Technology Services also offers engineering analytics, Internet of Things and automation solutions.
The erstwhile L&T Integrated Engineering Services, carved out of parent L&T in 2010, was renamed as L&T Technology Services in 2012. Later, certain businesses of L&T Infotech, including telecom and high-technology product engineering services businesses, were transferred to L&T Technology Services.
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