Sugs Lloyd shares list at 2.5% discount to IPO price on BSE SME platform

Sugs Lloyd shares made a weak debut on the BSE at Rs 119.90 apiece, a discount of nearly 2.5% to the issue price of Rs 123.

The Rs 85.66 crore IPO, priced at Rs 123 per share, was open for subscription from August 29 to September 2.

It received a healthy overall subscription of 3.23 times, with non-institutional investors leading the way at 5.30 times. Qualified institutional buyers subscribed 2.03 times, while the retail portion saw a subscription of 2.12 times. Anchor investors also came in ahead of the IPO, committing Rs 4.99 crore.


The IPO comprises a fresh issue of 69.64 lakh shares, making it one of the notable SME offerings in recent months. The proceeds will primarily go toward meeting the company’s growing working capital needs, with Rs 80.65 crore allocated for this purpose, and the remainder earmarked for general corporate expenses.

Founded in 2009, Sugs Lloyd operates in the engineering, procurement, and construction (EPC) space across solar, electrical, and civil segments.

The company has executed projects ranging from ground-mounted and rooftop solar installations to smart meter rollouts, substation construction, and refurbishment of government buildings. It also offers manpower staffing solutions and recruits technical professionals under government-backed training schemes.

Sugs Lloyd’s growth trajectory has been impressive. For FY25, the company reported revenues of Rs 177.87 crore, up 159% from Rs 68.75 crore in FY24. Profit after tax rose 60% year-on-year to Rs 16.78 crore.

The company operates in a high-growth area with strong government support for renewable energy. Investors may be cautious about near-term gains after listing given the company operates in the SME segment.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)