Key Developments and Approvals

  • 09th September 2026: Board of Kalpataru Power Transmission Sweden AB (KPTS, a wholly-owned subsidiary of KPIL) approved offering equity shares held in LMG through an IPO and listing on Nasdaq Stockholm.
  • 16th September 2026: Board of LMG approved the Prospectus for the IPO. LMG received approval from the Swedish Financial Supervisory Authority (SFSA) on the Prospectus.

Offering Structure and Terms

  • The offering consists entirely of an offer for sale by existing shareholders (KPTS and certain management investors).
  • KPTS will offer up to 15,466,413 equity shares (including green shoe option) of quota value SEK 0.50 each.
  • Final offer price set at SEK 46 per share.
  • At this price, the offering represents approximately 30.19% of LMG's equity share capital.
  • Total valuation of LMG post-offering: approximately SEK 2,356,557,000 (~INR 2,324 Crores at current exchange rate).
  • Green shoe option: Kalpataru Sweden granted an over-allotment option of up to 2,146,743 additional shares (15% of base offering size).
  • If green shoe is fully exercised, total shares offered will be 16,458,363 (32.1% of total shares).

Financial Impact on KPIL

  • LMG's FY26 Financials:
  • Gross Consolidated Turnover: SEK 3,225.11 Million (~USD 341.16 Million)
  • Contribution to KPIL's Consolidated Revenue: ~11.14%
  • Consolidated Net Worth: SEK 334.25 Million (~USD 35.36 Million)
  • Contribution to KPIL's Consolidated Net Worth: ~4.5%
  • Consideration: The consideration to be received by KPTS will be determined later. No proceeds will accrue to LMG.

Timeline and Process

  • Application period: 17th September 2026 to 24th September 2026 (both retail and institutional investors).
  • First day of trading on Nasdaq Stockholm expected: 25th September 2026.
  • Trading symbol: "LMGAB".
  • Settlement date: 29th September 2026.

Lock-up Arrangements

  • Kalpataru Sweden, members of Board of Directors, and Group Management subject to 360-day lock-up period from first day of trading.

Cornerstone Investors

  • Tredje AP-fonden and Unionen have committed to acquire shares for an aggregate amount of SEK 290 million.

Subsidiary Status Post-IPO

LMG is expected to continue to remain a step-down subsidiary of Kalpataru Projects International Limited after completion of the offering.

Advisors

  • Sole Global Coordinator and Joint Bookrunner: ABG Sundal Collier AB
  • Joint Bookrunner: Pareto Securities AB
  • Legal Adviser to Company: Baker & McKenzie Advokatbyrå KB
  • Legal Adviser to Bookrunners: BAHR Advokatbyrå AB