New Delhi, September 19 (HS): Shares of LT Elevator, a company engaged in elevator manufacturing, installation, and maintenance, made a stellar debut on the stock market Friday, rewarding its IPO investors handsomely.

The shares, issued at ₹78 apiece under the IPO, were listed at ₹136.10 on the BSE SME platform—reflecting a premium of 74.49 percent over the issue price. Immediately after listing, heavy buying pushed the stock further upward, hitting the upper circuit of ₹142.90 by around 11 a.m. The stock remained locked at this level till close, delivering a day-one gain of 83.21 percent to IPO investors.

LT Elevator had launched its ₹39.37 crore IPO between September 12 and 16, which saw overwhelming investor demand. The issue was subscribed an extraordinary 182.95 times overall. The Qualified Institutional Buyers (QIBs) portion was oversubscribed 95.10 times, Non-Institutional Investors (NIIs) bid 356.16 times their quota, while Retail Investors subscribed 158.90 times. The IPO comprised 50.48 lakh fresh equity shares with a face value of ₹10 each. The proceeds are earmarked for investment into its subsidiary Park Smart Solutions, funding working capital requirements, and meeting general corporate purposes.

According to the company’s prospectus, financial performance has shown consistent growth. Net profit rose from ₹1.25 crore in FY 2022–23 to ₹3.17 crore in FY 2023–24, further surging to ₹8.94 crore in FY 2024–25. Revenue expanded at a compound annual growth rate of over 27 percent to reach ₹56.74 crore in FY 2024–25.

However, LT Elevator’s debt has also grown during the same period. From ₹13.64 crore as of FY 2022–23, borrowings increased to ₹14.02 crore by FY 2023–24 and further to ₹17.30 crore by the end of FY 2024–25. At the same time, reserves and surplus showed significant improvement, rising from ₹2.96 crore in FY 2022–23 to ₹6.13 crore in FY 2023–24, and skyrocketing to ₹31.77 crore in FY 2024–25.

Hindusthan Samachar / Jun Sarkar