L&T Infotech targeting 'number one' rank in infotech business
He also said the immediate target for L&T Infotech, whose public offer will open on Monday, is to double its revenue to USD 2 billion (nearly Rs 13,500 crore) in next three years. L&T Infotech Ltd is the sixth largest Indian IT services player at present with revenue of USD 887 million and an employee base of over 20,000 people.
The parent L&T, a conglomerate with presence in engineering, construction, infrastructure among other businesses, is already listed with a market cap of nearly Rs 1.5 trillion, while L&T Finance Holdings got listed over five years ago and commands a market cap of about Rs 14,000 crore.
At Rs 705-710 per share price band for L&T Infotech IPO, it will fetch a market cap of over Rs 12,000 crore. Asserting that his entire focus at present is to ensure that the IPO is a huge success, Naik described it as the group's "second baby" entering the stock market after L&T Finance's listing nearly five-and-a-half years ago.
Asked about the revenue growth potential of the market- bound company, Naik told PTI in an interview, "At the moment, we are targetting doubling in three years time... So we want to become USD 2 billion." He, however, said many things depend on the events that will happen over the years and therefore first he is looking to make it "the number-one brand".