NEW DELHI: The initial public offering (IPO) of L&T Infotech continued to witness heavy demand on Day 2, with the issue receiving bids for 3.57 times the total issue size till 11.30 am. The retail quota was subscribed by 1.44 times and the non-institutional investor quote 0.28 times. On BSE, the retail quota was subscribed 2.36 times, followed by the NII (34 per cent) and QIB (1.36 times) quotas.Half of the Rs 1,243 crore issue is reserved for qualified institutional buyers (QIBs). Among the anchor investors were HDFC Trustee, Birla Sun Life, Prudential ICICI, Reliance Capital , New India Assurance, Max Life Insurance BNP Paribas and India Max Investment. Up to 60 per cent of the quota was allotted to anchor investors on Friday.As per brokers' estimates, at the upper end of the price band, the stock would trade at a PE multiple of 13.6 times FY18 EPS.

Source: Economic Times July 12, 2016 06:29 UTC