Laser Power & Infra IPO Review: Strong Institutional Backing Meets a Weak Retail Start

Quick Answer

Laser Power & Infra IPO presents a genuinely established, three-decade power infrastructure business with real institutional confidence behind it, alongside a notably weak start to public bidding. The Kolkata based manufacturer of power cables and conductors, which also runs a sizeable EPC business in rural electrification and substation construction, drew a strong anchor book of Rs 222.60 crore from 19 institutional investors including several well known domestic mutual funds. Yet Day 1 subscription came in at just 0.14 times overall, and the grey market premium has cooled from a peak near 28% down to around 6-7% in the days before opening, a combination worth watching closely as the issue moves toward its 13 July close.

Laser Power & Infra IPO Key Details at a Glance

What Does Laser Power & Infra Ltd Do?

Laser Power & Infra, incorporated in 1988 and based in Kolkata, operates across two integrated segments in India's power transmission and distribution sector. Its manufacturing arm produces power and control cables, conductors and specialised electrical products, while its engineering, procurement and construction, or EPC, arm executes turnkey projects including rural electrification, substation installation and broader power distribution infrastructure development.

A genuinely long operating history and real scale. With three manufacturing units in West Bengal carrying a combined installed capacity of roughly 85,448 metric tonnes, the company has built a presence across 26 states, 4 union territories and 10 countries over nearly four decades. You can follow its live price and post listing updates on the IPO GMP Live homepage. Its order book stood at approximately Rs 3,243 crore as of March 2026, giving genuine forward revenue visibility for a business of this scale.

Family-promoted with high pre-issue ownership. Promoters Deepak Goel, Devesh Goel, Akshat Goel and Rakhi Goel held 100% of the company before this IPO, a stake that will dilute to about 75.29% after listing, and the company has a track record of paying modest dividends in recent years.

Why Did the IPO Get Such Strong Institutional Backing, Yet a Weak Retail Start?

The anchor book is genuinely credible, not just large. Rs 222.60 crore was placed with 19 institutional investors, and domestic mutual funds took nearly 74% of that allocation, including recognisable names like Nippon India Mutual Fund across two schemes, HDFC Manufacturing Fund, Kotak Mutual Fund, Mirae Asset and Motilal Oswal, alongside life insurance participants Kotak Mahindra Life Insurance and Edelweiss Life Insurance. This is the kind of institutional participation that suggests real due diligence went into the anchor allocation, not a token gesture.

Yet the public subscription window opened weakly. Day 1 demand registered just 0.14 times overall, with retail at 0.22 times and NII at 0.14 times, and reports from the opening hours noted that qualified institutional buyer participation had not yet picked up. This is not necessarily alarming on its own, institutional investors in mainboard IPOs frequently place the bulk of their bids on the final day of the subscription window, but it does mean the early public reception has lagged the confidence shown by anchor investors.

The grey market premium has been cooling, not building. Ranging between Rs 10 and Rs 40 over the tracked period, with a peak near Rs 28 around 6 July, the GMP had fallen to Rs 13-15 by 9 July, implying a listing gain estimate of only 6-7%, down meaningfully from where it stood just days earlier. A cooling GMP heading into an issue's close is a pattern worth watching rather than dismissing.

How Strong Are Laser Power & Infra Financials, and What Should You Watch?

Growth was strong in FY25, then revenue declined in the year right before listing. Revenue rose sharply from Rs 1,764 crore in FY24 to Rs 2,592.53 crore in FY25, up 47%, but then fell to Rs 2,347.89 crore in FY26, a decline of about 9.4% in the exact year used to price this IPO.

Profit, however, kept growing despite the revenue pullback. Net profit rose 164% from Rs 40.41 crore in FY24 to Rs 106.75 crore in FY25, and then grew a further 42% to Rs 151.59 crore in FY26, even as revenue fell. This is a more reassuring combination than cases where both lines decline together, it suggests the company protected or expanded margins even on a smaller revenue base, though the revenue deceleration itself still deserves attention rather than being waved away.

Customer concentration is a specifically quantified, real risk. Regulatory filings show the top 10 clients contributed more than 72% of FY26 revenue, a significant dependency where the loss of even one or two major contracts or clients could materially affect results, a risk worth weighing carefully against the reassuring order book figure.

The use of proceeds leans heavily toward debt reduction, not expansion. Of the Rs 742 crore raised, Rs 490 crore, about 66% of the total issue and the overwhelming majority of the fresh issue portion, is earmarked specifically for repaying or prepaying outstanding borrowings. This means the bulk of new investor money is cleaning up the balance sheet rather than funding new capacity or growth initiatives, worth factoring into how much of this IPO is really about scaling the business versus deleveraging it.

Should You Apply for the Laser Power & Infra IPO?

The issue remains open until 13 July, with strong anchor backing but a weak early public subscription and a cooling GMP. The honest read by investor type:

• Conservative investors: The genuine institutional anchor participation, long operating history, and continuing profit growth are real positives, but the specifically flagged 72%-plus customer concentration, the heavy debt-repayment use of proceeds, and the FY26 revenue decline together argue for watching the final subscription numbers and QIB participation before the 13 July close rather than applying purely on the strength of the anchor book.
• Moderate investors: The order book and diversified geographic footprint support a reasonable long-term case, but the cooling GMP and weak Day 1 retail demand suggest the broader market has not yet fully embraced the story the way institutional anchors have. Watching how QIB demand fills in over the final two days is a sensible check.
• Aggressive investors: A genuinely large, credible anchor book from recognisable mutual funds is not nothing, and if institutional demand strengthens in the final subscription days as it often does, the listing dynamics could still turn out reasonably. But the currently cooling GMP argues against assuming a strong listing pop is guaranteed.

Honest take. Laser Power & Infra brings real substance, nearly four decades in business, a genuine order book, and a credible institutional anchor list that suggests real due diligence went into that allocation. But the early public subscription has been weak, the grey market premium has been cooling rather than building, customer concentration is a specifically quantified risk at over 72% from the top 10 clients, and two-thirds of the raise goes to repaying debt rather than funding growth. This is a case where the anchor book and the retail-facing GMP are currently telling somewhat different stories, and the final days of the subscription window, particularly the QIB numbers, will be the more telling signal than what has shown up so far.

Where Is the IPO Money Going?

The Rs 742 crore issue combines a fresh raise of Rs 542 crore with an offer for sale of Rs 200 crore. Of the fresh proceeds, the overwhelming majority, Rs 490 crore, is earmarked for prepaying or repaying outstanding borrowings, a substantial deleveraging exercise for the company. The remainder is allocated to general corporate purposes. Unlike issues where proceeds fund new capacity, a fresh manufacturing facility, or capacity expansion, this raise is predominantly about strengthening the balance sheet, which should reduce future interest costs but does not directly expand the company's manufacturing or EPC execution capacity in the near term.

Contact Details

• Company: Laser Power & Infra Ltd.
• Location: Kolkata, West Bengal, with three manufacturing units in West Bengal
• Business: Manufacturing of power and control cables, conductors and specialty electrical products, plus EPC turnkey solutions for rural electrification, substations and power distribution infrastructure
• Promoters: Deepak Goel, Devesh Goel, Akshat Goel, Rakhi Goel
• Registrar: MUFG Intime India Pvt. Ltd.
• Lead Managers: IIFL Capital Services Ltd., ICICI Securities Ltd.
• Listing: BSE and NSE (Mainboard)

This page is not investment advice. GMP is indicative only and unofficial. Please consult a SEBI registered financial advisor before investing.