Mumbai: L&T Infotech Ltd, the information technology (IT) services arm of engineering conglomerate Larsen and Toubro Ltd (L&T), has filed documents for its initial public offering.

Parent L&T will sell 17 million shares (10.85% of the share capital) as part of the issue, according to a copy of the draft prospectus available on the website of the company’s investment bankers. On 27 August, Mint reported that the firm is looking to raise around 1,500 crore by selling shares to the public.

Citigroup Global Markets India Pvt. Ltd, Kotak Mahindra Capital Co. Ltd, ICICI Securities Ltd and Barclays Bank Plc are managing the initial share sale.

L&T Infotech’s revenue rose 2.15% to 4,744 crore for the year ended 31 March from 4,644 crore in the previous year. Net profit dropped 14% to 774 crore from 903 crore.

The Indian IT services industry grew from $61 billion in 2013-14 to $69 billion in the year ended 31 March, with IT services exports contributing $55 billion worth of business, according to lobby group Nasscom.

In the company’s 2014-15 annual report, L&T group executive chairman A.M. Naik had said that L&T will monetize assets from time to time. Naik had said that L&T intends to unlock value of its IT and technology services business.

The IT services arm of L&T is structured around two businesses—the industrials and the services clusters. The industrials cluster caters to clients in verticals such as manufacturing, energy and utilities, hi-tech and consumer electronics, automotive and aerospace, engineering and construction. The services cluster focuses on banking, financial services, insurance, travel and logistics, media and entertainment and healthcare.

On 11 August, the firm appointed former Infosys executive Sanjay Jalona as its chief executive officer and managing director. The firm is looking to rebuild its senior team, in preparation of the IPO, after a couple of its senior executives quit this year. In February, Vivek Chopra, chief executive for the industrial cluster, quit. Chief operating officer Chandrashekar Kakal also resigned from his position, Mint had reported on 13 August.

L&T Infotech is the 30th firm to file its draft IPO papers with the Securities and Exchange Board of India this year. Fifteen firms have raised 6,348 crore through the IPO route this year, according to Prime Database, a primary market data tracker.

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