L&T Tech Services eyes doubling of revenues

L&T Tech Services eyes doubling of revenues

L&T Tech Services eyes doubling of revenues

L&T Technology Services (LTTS), a unit of L&T Group, is eyeing to double revenues in the next three to four years, according to L&T Group Chairman A M Naik.

“We closed the previous fiscal (FY16) with revenues of $460 million, and hope to achieve revenues of $525 million in FY17, with a growth of nearly 15%,” Naik said, while addressing the media on the IPO roadshow of the company.

As far as the long-term aim is concerned, LTTS should be able to double its revenues in the next three to four years which may be $150-200 million of it coming from acquisitions, Naik added. Naik also said that the group would not be looking at tapping the capital markets with IPOs of other group companies. “We are not looking at any IPOs of group companies in the next two to three years after LTTS,” Naik said.

LTTS is the third group company to hit the market apart from the holding company L&T. The other listed entities included L&T Finance Holdings and L&T Infotech. LTTS will be hitting the market with its IPO on September 12.

The issue  will close on September 15.

 The offer would constitute 10.2% of the post-offer paid-up equity share capital of the company. The shares offered through the offer are proposed to be listed on NSE and BSE. Kotak Mahindra Capital Company, DSP Merrill Lynch, JM Financial Institutional Securities and SBI Capital Markets are the book running lead managers to the issue.

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