Listing Details

Kalpataru Projects International Limited (KPIL) announced the successful listing of its step-down subsidiary Linjemontage i Grästorp AB (LMG) on Nasdaq Stockholm under the ticker LMGAB. This marks KPIL as the first Indian company to list its foreign subsidiary on Nasdaq Stockholm.

Financial Terms of Listing

  • IPO priced at SEK 46 per equity share
  • Total valuation of SEK 2,357 million (representing total market value of all LMG shares)
  • KPIL retains approximately 65.9% stake in LMG post-listing through its wholly owned subsidiary Kalpataru Power Transmission Sweden AB (KPTS)
  • KPTS to receive gross consideration of SEK ~711.5 million (including Over-allotment Option/Green shoe Option)
  • Consideration subject to issue expenses, customary adjustments and set-offs

Strategic Significance

According to Manish Mohnot, MD & CEO of KPIL, the listing represents a major milestone in KPIL's global growth strategy and demonstrates the company's ability to scale international businesses. The IPO validates LMG's strong position as a leading EPC provider in Sweden's power infrastructure segment and is seen as a significant step in unlocking value for KPIL's shareholders.

About Linjemontage

Linjemontage is a Swedish pure-play EPC provider within power infrastructure in Sweden and Norway, founded in 1993. The company focuses exclusively on energy projects including:

  • Substations
  • Transmission and distribution networks across voltage range up to 400 kV

Customer Base and Financial Performance

Customers include:

  • National transmission system operators
  • Regional distribution companies
  • Industrial customers
  • Data centers

Financial metrics for year ended 31 March 2026:

  • Net sales: SEK 3,225 million
  • Adjusted EBITA: SEK 245 million
  • Order book as of 30 June 2026: SEK 4,349 million

About KPIL

Kalpataru Projects International Limited is one of India's leading diversified EPC companies with:

  • Consolidated revenue: ₹ 27,143 crore (US$ 2.9 billion)
  • Net profit: ₹ 1,031 crore (US$ 109 million)
  • Order book: ₹ 65,457 crore (US$ 6.9 billion) for year ended March 31, 2026

Business segments include:

  • Power transmission & distribution
  • Buildings & factories
  • Water supply & treatment
  • Railways
  • Oil & gas infrastructure
  • Urban mobility
  • Highways
  • Airports

Global presence:

  • Currently executing projects in over 25 countries
  • Footprint in more than 75 countries across Asia, Africa, Middle East, Americas and Europe