L&T Technology Services (LTS) is a leading global pure-play in the growing ER&D services company. The company leverages the strengths and heritage of Larsen & Toubro, a leading Indian conglomerate with strong global engineering capabilities providing it deep domain expertise in product and process engineering. The company aims to raise Rs 8.94 billion through an offer for sale of shares (at a price band of Rs 850-860 a share).

Commenting on the IPO, ICICIdirect, said, ''LTS is a one of the leading players in the growing ER&D space. However, LTS is available at 15.5x FY18E EPS, which is at premium to other IT players who have a presence in the ER&D space such as HCL Tech (12.3x FY18E EPS) and Cyient Technologies (11.9x FY18E EPS). Hence, we believe current valuations leave limited upside. We recommend that investors Avoid the issue.''

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