Kalpataru Projects International Limited announced that its step-down material subsidiary, Linjemontage i Grästorp AB (LMG), has successfully listed on Nasdaq Stockholm effective September 25, 2026. The listing makes KPIL the first Indian company to list a foreign subsidiary on this exchange, reducing its indirect holding to approximately 65.9%.

The offering comprised up to 16,458,363 equity shares priced at SEK 46 per share, representing up to 32.1% of LMG’s total shares. This included a base offering of 14,311,620 shares and an over-allotment option of up to 2,146,743 additional shares. Kalpataru Power Transmission Sweden AB (KPTS), a wholly owned subsidiary of KPIL, was the primary selling shareholder, offering 13,319,670 shares in the base tranche and up to 2,146,743 additional shares subject to the green shoe option. Employee and director shareholders sold 991,950 shares.

Strong Demand and Market Valuation

Linjemontage reported that the offering attracted very strong interest from international institutional investors as well as the general public in Sweden, resulting in the deal being oversubscribed several times. The price per share of SEK 46 implies a total market value of all shares in the company after the IPO of SEK 2,357 million (previously reported as SEK 2,356,557,000).

Since the offering consisted only of existing shares, Linjemontage will not receive any proceeds from the transaction. In connection with the listing, more than 5,500 new shareholders have joined the company. Trading commenced under the symbol "LMGAB", with settlement expected on September 29, 2026.

Stake Reduction and Proceeds

Upon full subscription and assuming complete exercise of the over-allotment option, KPTS’s stake in LMG will decrease from 96.12% (49,240,500 shares) to approximately 65.9% (33,774,087 shares). KPTS is expected to receive gross proceeds of SEK 711.5 million, subject to customary adjustments, issue expenses, and set-offs. A stabilization mechanism involving the additional 2,146,743 shares provided by KPTS will be utilized by issue managers under Article 5(4) of the EU Market Abuse Regulation for a period of 30 calendar days from listing.

Manish Mohnot, MD & CEO of KPIL, stated that the listing represents a major milestone in KPIL's global growth strategy, validating LMG's position as a leading EPC provider in Sweden's power infrastructure segment. He noted it marks a significant step in unlocking value for KPIL's shareholders as LMG transitions into an independent publicly listed entity.

What the Numbers Show

The transaction highlights a significant dilution of control by KPTS, which retains a majority stake at ~65.9% post-listing. The gross proceeds of SEK 711.5 million represent a substantial capital realization for the parent entity, driven primarily by the sale of base offering shares and potential over-allotment exercises. The stabilization mechanism covers 15% of the total offering size, indicating a structured approach to price management during the initial trading period.

Furthermore, the strong oversubscription and the addition of over 5,500 new shareholders suggest robust market confidence in Linjemontage's position as a leading Swedish pure-play EPC provider in power infrastructure. With an order book of SEK 4,349 million as of June 30, 2026, and net sales of SEK 3,225 million for FY26, the listing provides enhanced liquidity and visibility for a company with established high-voltage capabilities in Sweden and Norway. KPIL's consolidated revenue stood at ₹27,143 crore with an order book of ₹65,457 crore for FY26, underscoring the scale of the parent entity supporting this international expansion.

Kalpataru Projects International will attend the Bharat Connect Conference: Rising Stars on September 30, 2026. The event is a virtual group meeting organized by Arihant Capital Markets Ltd.

The company disclosed the schedule in a filing dated September 24, 2026. The meeting is intended for analysts and institutional investors. Kalpataru stated that no unpublished price sensitive information would be shared during the session.

Meeting Details

The participation falls under Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The specific nature of the engagement is a group meeting conducted via virtual mode.

The company noted that the meeting schedule is subject to change. This intimation ensures transparency regarding interactions with the investment community.