Kalpataru Projects International Limited (KPIL) has announced that its subsidiary, Linjemontage i Grästorp AB (“LMG”), plans an initial public offering (IPO) of its equity shares on Nasdaq Stockholm. The offering is expected to consist of existing shares and aims to list LMG’s shares on the Nasdaq Stockholm Main Market, positioning it as a publicly traded entity. The IPO is anticipated to be completed by the end of September 2026.
Linjemontage IPO on Nasdaq Stockholm
Kalpataru Projects International Limited (KPIL) has disclosed plans for a significant strategic move involving its material step-down subsidiary, Linjemontage i Grästorp Aktiebolag (“LMG”). The company’s Board of Directors, through its wholly owned subsidiary Kalpataru Power Transmission Sweden AB (“KPTS”), has approved the offering of equity shares held in LMG via an initial public offering (IPO). The intention is to list LMG’s shares on the Nasdaq Stockholm Main Market.
Offering Details and Valuation
The proposed offering is expected to include existing shares from KPTS and other selling shareholders. The offer price will be based on a valuation for all shares in LMG, potentially reaching up to approximately SEK 2,350 million (equivalent to about INR 2,324 Crores), subject to market conditions and approvals. The offering is anticipated to be completed by the end of September 2026. Following the listing, LMG is expected to continue as a step-down subsidiary of KPIL.
Linjemontage’s Business and Market Position
Linjemontage is described as a leading Swedish pure-play engineering, procurement, and construction (“EPC”) provider focused on power infrastructure. The company specializes in modernizing and expanding electricity grids in Sweden and Norway, covering the full voltage range up to 400 kV. The serviceable addressable market for grid investments in Sweden is projected to grow at an 11% CAGR until 2030. Linjemontage has demonstrated strong financial performance, with net sales growing from approximately SEK 1.3 billion in FY 2023/2024 to SEK 3.2 billion in FY 2025/2026.
Strategic Rationale for IPO
The listing is seen as a strategic step to enhance LMG’s visibility, credibility, and brand recognition. It is expected to support the company’s long-term ambition to strengthen its position in the Nordics and provide a platform for future growth and value creation by broadening the shareholder base. Kalpataru Sweden intends to remain a significant long-term shareholder.
Key Financials and Targets
For the financial year ended March 31, 2026, Linjemontage reported net sales of SEK 3,225.2 million and an adjusted EBITA of SEK 244.7 million, with an adjusted EBITA margin of 7.6%. The company targets revenue exceeding SEK 5 billion in the medium term and an adjusted EBITA margin exceeding 8%.
Offering Structure
The offering will include an offer to the general public in Sweden and to institutional investors in Sweden and abroad. Cornerstone Investors, Tredje AP-fonden and Unionen, have undertaken to acquire shares for an aggregate amount of SEK 290 million. Selling shareholders, including members of the Board of Directors and Group Management, will be subject to a lock-up period of 360 days.
Source: BSE
