Indore-based Laxyo Limited, an engineering and infrastructure services company, has received approval from the Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO). The company had filed its Draft Red Herring Prospectus (DRHP) with SEBI in March 2026.
The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹150 crore. The equity shares are proposed to be listed on BSE Limited and National Stock Exchange of India Limited (NSE).
Laxyo Limited provides engineering and construction services across railway infrastructure, mining services and raise boring operations, dredging and reclamation, and operations and maintenance (O&M). The company also undertakes equipment rental activities, including hiring out its dredging machines, raise boring machines and other owned equipment when they are not deployed for its own contracts.
Railway infrastructure is the company’s largest business vertical, contributing ₹140.69 crore, or 66.65% of revenue from operations in Fiscal 2025.
As of January 31, 2026, the company had a work order book of approximately ₹632.76 crore, with railway infrastructure accounting for ₹429.58 crore, or 67.89% of the total order book. Government and government-owned customers accounted for ₹517.09 crore, representing 81.72% of the order book.
Laxyo has also recently received a Letter of Intent worth ₹69.30 crore from a Public Sector Undertaking for the development of a multimodal logistics park at Salawas, Rajasthan, under the Gati Shakti Multi Modal Cargo Terminal Policy of Railways.
The company has developed specialised capabilities in railway track laying and maintenance and operates its own PQRS machine for specialised track-laying work.
Government customers contributed ₹155.02 crore, or 73.43% of revenue from operations in Fiscal 2025. The company’s projects and operations span multiple states in India, while it also has an overseas presence through its subsidiary in Zambia.
Indorient Financial Services Limited is acting as the Book Running Lead Manager to the issue.
