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What is the story about?
Leading engineering and construction firm Kalpataru Projects International Ltd (KPIL) on Wednesday (September 16) said its 96.12% first-level step-down material subsidiary, Linjemontage I Grästorp AB (LMG), has received approval from the Swedish Financial Supervisory Authority (SFSA) for the prospectus related to its proposed initial public offering (IPO).
LMG's board on Wednesday also approved the prospectus for the IPO, which includes an offer for sale of up to 15,466,413 equity shares, including the green shoe option, held by Kalpataru Power Transmission Sweden AB (KPTS).
The shares have a quota value of SEK 0.50 each and will be offered at SEK 46 per share, representing approximately 30.19% of LMG's equity share capital. Kalpataru Power Transmission Sweden AB is a wholly owned subsidiary of KPIL. The offering is expected to comprise existing shares held by Kalpataru Power Transmission Sweden AB and certain other selling shareholders who are management investors.
ALSO READ | Kalpataru Projects shares fall despite securing new domestic and overseas orders worth ₹2,002 crore
Kalpataru Projects International had earlier said the offering and proposed listing on Nasdaq Stockholm would value all shares in LMG at up to approximately SEK 2,350 million, equivalent to around ₹2,324 crore at the exchange rate cited in the September 9 filing.
The IPO remains subject to prevailing market conditions and necessary approvals and clearances. The company had said the offering was expected to be completed by the end of September 2026. Upon completion of the proposed offering and listing, LMG is expected to continue to remain a step-down subsidiary of Kalpataru Projects International.
LMG's financial contribution
For the financial year ended March 31, 2026, LMG reported gross consolidated turnover of approximately SEK 3,225.11 million, or about $341.16 million. This accounted for approximately 11.14% of Kalpataru Projects International's consolidated revenue.
ALSO READ | Kalpataru Projects targets 15% FY27 growth, bets on overseas infra opportunities
LMG's consolidated net worth stood at approximately SEK 334.25 million, or around $35.36 million, as of March 31, 2026. This represented approximately 4.5% of Kalpataru Projects International's consolidated net worth.
The conversion rate used in the September 9 filing was $1 = SEK 9.45. The consideration to be received by Kalpataru Power Transmission Sweden AB from the sale will be determined at a later stage, according to Kalpataru Projects International.
The proposed offering is expected to include an offering to the general public in Sweden and an offering to institutional investors in Sweden and abroad, as permissible under applicable laws. None of the buyers is part of KPIL's promoter, promoter group or group companies.
Kalpataru Projects International said the information regarding the SFSA approval was received from LMG on September 16 at about 4:27 p.m. IST.
Shares of Kalpataru Projects International Ltd ended at ₹1,393.70, up by ₹18.45, or 1.34%, on the BSE.
ALSO READ | Kalpataru Projects Q3 Results: Profit up as record revenue, strong order book sustain growth
LMG's board on Wednesday also approved the prospectus for the IPO, which includes an offer for sale of up to 15,466,413 equity shares, including the green shoe option, held by Kalpataru Power Transmission Sweden AB (KPTS).
The shares have a quota value of SEK 0.50 each and will be offered at SEK 46 per share, representing approximately 30.19% of LMG's equity share capital. Kalpataru Power Transmission Sweden AB is a wholly owned subsidiary of KPIL. The offering is expected to comprise existing shares held by Kalpataru Power Transmission Sweden AB and certain other selling shareholders who are management investors.
ALSO READ | Kalpataru Projects shares fall despite securing new domestic and overseas orders worth ₹2,002 crore
Kalpataru Projects International had earlier said the offering and proposed listing on Nasdaq Stockholm would value all shares in LMG at up to approximately SEK 2,350 million, equivalent to around ₹2,324 crore at the exchange rate cited in the September 9 filing.
The IPO remains subject to prevailing market conditions and necessary approvals and clearances. The company had said the offering was expected to be completed by the end of September 2026. Upon completion of the proposed offering and listing, LMG is expected to continue to remain a step-down subsidiary of Kalpataru Projects International.
LMG's financial contribution
For the financial year ended March 31, 2026, LMG reported gross consolidated turnover of approximately SEK 3,225.11 million, or about $341.16 million. This accounted for approximately 11.14% of Kalpataru Projects International's consolidated revenue.
ALSO READ | Kalpataru Projects targets 15% FY27 growth, bets on overseas infra opportunities
LMG's consolidated net worth stood at approximately SEK 334.25 million, or around $35.36 million, as of March 31, 2026. This represented approximately 4.5% of Kalpataru Projects International's consolidated net worth.
The conversion rate used in the September 9 filing was $1 = SEK 9.45. The consideration to be received by Kalpataru Power Transmission Sweden AB from the sale will be determined at a later stage, according to Kalpataru Projects International.
The proposed offering is expected to include an offering to the general public in Sweden and an offering to institutional investors in Sweden and abroad, as permissible under applicable laws. None of the buyers is part of KPIL's promoter, promoter group or group companies.
Kalpataru Projects International said the information regarding the SFSA approval was received from LMG on September 16 at about 4:27 p.m. IST.
Shares of Kalpataru Projects International Ltd ended at ₹1,393.70, up by ₹18.45, or 1.34%, on the BSE.
ALSO READ | Kalpataru Projects Q3 Results: Profit up as record revenue, strong order book sustain growth
