Kalpataru Projects Subsidiary LMG Concludes IPO Stabilization

1,877,911 shares exercised via over-allotment; 66.45% stake retained in Swedish subsidiary.

Reader Takeaway: Stabilization concludes with no further measures, solidifying Kalpataru's majority control over its Scandinavian power infrastructure unit.

What just happened

Kalpataru Projects International Limited has formally notified the exchange regarding the conclusion of the stabilization period for the IPO of its Swedish step-down subsidiary, Linjemontage i Grästorp AB (LMG), which is listed on Nasdaq Stockholm. The global coordinator, ABG Sundal Collier AB, has settled the over-allotment option. Specifically, 1,877,911 shares were exercised under this option, while 268,832 shares were returned to Kalpataru Power Transmission Sweden AB (KPTS).

Why this matters

This filing provides clarity on the final ownership structure following the public listing. By retaining a 66.45% stake, representing 34,042,919 shares, Kalpataru Projects maintains firm control over LMG. This marks the official end of the stabilization phase, signaling that the share price of the subsidiary has reached its post-IPO market equilibrium without further intervention required from the global coordinator.

The backstory

LMG is a key EPC provider in the Swedish and Norwegian power infrastructure markets, focusing on high-voltage substations and transmission networks. The subsidiary serves as a crucial component of Kalpataru’s international expansion strategy in the Nordics.

Context metrics

For the financial year ended 31 March 2026, LMG reported net sales of SEK 3,225 million with an adjusted EBITA of SEK 245 million, reflecting a 7.6% margin. As of 30 June 2026, the company held a robust order book valued at SEK 4,349 million, underlining its operational stability in the European power sector.