IPO-Bound Laxyo Expands Operations in Africa; Bags Rs 200-Crore Order in Zambia

New Delhi: Indore-based Laxyo Ltd, an integrated infrastructure and mining services company, on Monday said that it has expanded its operations in Africa and bagged a Rs 200-crore contract in Zambia.

The project, being executed through its subsidiary, Laxyo Evapeta Zambia Ltd, represents the company’s first overseas raise-boring contract and currently accounts for 12.6 per cent of its total order book.

“Indore-based Laxyo Ltd, an integrated infrastructure and mining services player, has marked a significant milestone by expanding its operations into the African mining market through a Rs 200-crore raise boring contract at Mopani Mines in Zambia,” the company said in a statement.

Raise boring is a modern underground mining technique used to create shafts and tunnels without using explosives. The method is widely preferred in underground mining operations due to its superior safety standards, operational efficiency and ability to create critical infrastructure such as ventilation shafts and escape routes.

The Zambia contract marks an important step in Laxyo’s international expansion strategy and places the company alongside established global raise boring specialists operating in African mining markets, including Master Drilling, Murray & Roberts and Redpath, the statement said.

Laxyo has already filed papers with market regulator Sebi seeking to raise up to Rs 150 crore through initial public offerings (IPO). The fresh capital will be utilised for debt reduction, equipment acquisition and working capital requirements.

According to the company’s Draft Red Herring Prospectus (DRHP), the Indian raise boring market is expected to grow at a CAGR of approximately 27.3 per cent between FY25 and FY31, reaching an estimated market size of Rs 575 crore.

The company’s transition towards specialised, mechanised execution extends beyond mining services. Since its incorporation in 2007, Laxyo has evolved into a diversified infrastructure services company with four core business verticals — Railway Infrastructure, Mining Services & Raise Boring Operations, Dredging and Reclamation and Operation & Maintenance (O&M) services for industrial and thermal plants.

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