Bumper market debut: LT Elevator shares list at 74% premium on BSE SME platform

LT Elevator IPO (Representative image)

The shares of LT Elevator made a bumper market debut on September 19, listing at Rs 136.10 apiece on the BSE SME platform. This marks a 74.49 percent premium over the IPO price of Rs 78 apiece.

The listing premium is higher than the grey market estimates. Ahead of listing, the unlisted shares of the company were trading with more than 55 percent grey market premium (GMP) over the IPO price at Rs 121 apiece, according to data on Investorgain.

Strong investor interest: Issue subscribed 170x

The maiden public issue of the company had seen strong investor interest during its three days of public bidding, being subscribed more than 170 times its offer size between September 12 and September 16.

The company had launched its IPO to raise Rs 39.37 crore through an entirely fresh issue of 50.48 lakh shares at a price band of Rs 76-78 apiece. Retail investors could bid for a minimum of 1,600 shares as part of a lot, requiring an investment of Rs 1,24,800 at the upper price band, and in multiples thereafter.

The IPO proceeds will be utilised mainly for working capital requirements, besides general corporate purposes. Horizon Management acted as the merchant banker for the LT Elevator IPO.

About the company:

The Kolkata-based company that offers end-to-end solution from elevator manufacturing, installation, and servicing under annual maintenance contract will utilise Rs 30.5 crore for working capital requirements, and the balance amount will be used for general corporate purposes.

On the financial front, LT Elevator has recorded profit at Rs 8.9 crore for the year ended March 2025, growing sharply by 182 percent from Rs 3.2 crore in the previous year. Revenue increased by 40.8 percent to Rs 56.5 crore, up from Rs 40.1 crore in the same period.

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