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Kalpataru Projects shares rise 2.5% after Nasdaq Stockholm listing

Linjemontage i Grastorp AB priced its IPO at SEK 46 per share, valuing the unit at about SEK 2,357 million.

Reported · Written up by our desk · Europe

Kalpataru Projects International shares rose 2.5% on September 28, as investors focused on the debut of its Sweden-based arm, Linjemontage i Grastorp AB, on Nasdaq Stockholm, according to LiveMint Markets. The move came amid a broader market sell-off.

KPIL said LMG, its step-down subsidiary, made its Nasdaq Stockholm debut after completing an initial public offering priced at SEK 46 per equity share, which implied a valuation of about SEK 2,357 million. LiveMint Markets reported that KPIL became the first Indian company to list its foreign subsidiary on Nasdaq Stockholm.

After the listing, KPIL, through Kalpataru Power Transmission Sweden AB, continued to hold about a 65.9% stake in LMG. LiveMint Markets also reported that KPTS is set to receive gross proceeds of SEK 711.5 million, including the green shoe option, subject to issue expenses, adjustments, and set-offs.

Latest closeNasdaq Comp. 27,068.72 ▲0.5%

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