Kalpataru Projects Int'l lists subsidiary on Sweden's Nasdaq Stockholm

Kalpataru Projects International, a diversified engineering and construction firm based in India, announced on Friday that its subsidiary, Linjemontage i Grastorp AB (LMG), has successfully listed on Sweden's Nasdaq Stockholm. This marks a significant milestone as KPIL becomes the first Indian company to list a foreign subsidiary on the Nasdaq Stockholm exchange.

The initial public offering (IPO) for LMG was priced at SEK 46 per equity share, reflecting a valuation of SEK 2,357 million (~₹2,282 crore), according to KPIL's exchange filing.

Following the listing, KPIL maintains a stake of approximately 65.9% in LMG through its wholly-owned subsidiary, Kalpataru Power Transmission Sweden AB (KPTS). KPTS is expected to receive a gross consideration of SEK 711.5 million, accounting for issuance expenses, customary adjustments, and set-offs. Manish Mohnot, KPIL's Managing Director and Chief Executive Officer, expressed his satisfaction with the IPO, stating that it confirms LMG's leading position as a prominent EPC provider in Sweden's power infrastructure sector.

He further added that the listing signifies a crucial step for KPIL's shareholders as they transition to an independent publicly listed entity, with LMG looking forward to supporting its continued growth.