Kalpataru Projects International Limited (KPIL), one of the leading engineering and construction players in the power and infrastructure sector, has announced that its step-down subsidiary Linjemontage i Grästorp AB (“LMG”), Sweden has successfully been listed on Nasdaq Stockholm (Sweden) under the ticker LMGAB.
The IPO was priced at SEK 46 per equity share, equivalent to a valuation of SEK 2,357 million (representing the total market value of all shares of LMG). KPIL through Kalpataru Power Transmission Sweden AB (KPTS), a wholly owned subsidiary of KPIL, retains an approximately 65.9 percent stake in LMG post-listing. KPTS shall receive a gross consideration of SEK ~711.5 Million (including the Over-allotment Option / Green shoe Option), subject to issue expenses, customary adjustments and set-offs.
Commenting on the listing, Manish Mohnot, MD & CEO of KPIL, said: “The listing of LMG on Nasdaq Stockholm represents a major milestone in KPIL’s global growth strategy and is a true testament to our ability to scale international businesses. This successful IPO validates LMG’s strong position as one of the leading EPC provider in the power infrastructure segment in Sweden and marks a significant step in unlocking value for KPIL’s shareholders. As they transition into an independent publicly listed entity, we look forward to supporting LMG’s continued journey. I would like to congratulate the LMG’s management team on this stellar achievement.”
