Laser Power IPO Subscribes at 23% So Far; Muted Demand Sets Stage for Day 3 Battle

Laser Power IPO Subscribes at 23% So Far; Muted Demand Sets Stage for Day 3 Battle​

The Kolkata-based power transmission equipment manufacturer, Laser Power & Infra, is continuing to witness muted demand on the second day of its Initial Public Offering (IPO). As of 10:15 am on July 10, the issue has been subscribed by 23 percent, according to data from the NSE.

The IPO has received bids for 58,52,420 shares against the offer quantity of 2,55,86,207 shares, equating to a total subscription rate of 23 percent. Non-institutional investors led early demand with a 34 percent subscription in their segment, while retail individual investors subscribed at 31 percent so far on July 10.

IPO Subscription Status and Offer Details​

The company offers the issue at a price range of Rs 203 to Rs 214 per share and will remain open for public subscription until July 13. The offering is structured as a fresh issue of 2.53 crore shares, aggregating Rs 542 crore, coupled with an Offer-for-Sale (OFS) of 93 lakh shares by promoter shareholders amounting to Rs 200 crore.

The allocation structure dictates that Qualified Institutional Buyers (QIBs) will receive 50 percent of the issue. Retail investors are allocated 35 percent, and Non-Institutional Investors are allocated 15 percent. The IPO size has also been reduced from the Rs 1,200 crore proposed in the draft red herring prospectus filed earlier this year.

Company Financial Health and Operational Performance​

Financially, Laser Power & Infra demonstrated a significant turnaround despite fluctuations in revenue. While the company’s FY26 revenue saw a 9.5 percent decline to Rs 2,326.1 crore, profit after tax surged by 42 percent to Rs 151.6 crore.

This robust operational improvement was reflected in the EBITDA, which rose 20.4 percent, reaching Rs 301.4 crore. Consequently, the company’s EBITDA margin expanded impressively to 12.96 percent from 9.74 percent a year prior. The company boasts three manufacturing facilities across West Bengal, with an installed capacity of 85,448 metric tonnes as of March 31, 2026.

Market Expectations and Grey Market Signals​

The IPO has successfully secured anchor investment commitments totaling Rs 222.6 crore from participants including Societe Generale, HDFC Mutual Fund, and Kotak Mahindra Life Insurance. These pre-IPO investments signal early institutional confidence in the company's fundamentals.

In terms of market sentiment, unofficial tracking platforms are projecting a positive listing day for the stock. Both IPO Watch and Investorgain pegged the Grey Market Premium (GMP) at Rs 24 per share, suggesting a potential listing gain of 11.21 percent over the upper price band. Investors must note that the GMP is an unofficial indicator prone to rapid change before actual listing.

Investment Outlook and Risk Factors​

Master Capital’s IPO note suggests that investors may view the offering as a potential long-term investment opportunity, citing the company's leading manufacturing capacity for power cables and conductors within East India. The funds raised from the fresh issue will be utilized by the company to repay or prepay outstanding borrowings, with Rs 499 crore allocated for this purpose.

However, expert analysis also highlights several critical risks that investors must consider. These include high customer concentration, given that the top 10 customers contribute a significant share of revenue. Furthermore, the company remains exposed to raw material price volatility and relies heavily on a limited supplier base without long-term procurement agreements.