Indore Based IPO Bound Laxyo Enters African Market with ₹200 Crore Raise-Boring Deal in Zambia

Indore-based Laxyo Ltd, an integrated infrastructure and mining services company, has announced its expansion into the African market with a ₹200 crore contract in Zambia.  

This project is being executed through its subsidiary, Laxyo Evapeta Zambia Ltd, and marks the company's first overseas raise-boring contract. 

Laxyo's Entry into the African Mining Market 

On June 22, 2026, Laxyo Ltd has made a strategic move by entering the African mining market with a ₹200 crore raise-boring contract at Mopani Mines in Zambia. The project represents 12.6% of the company's total order book, highlighting its significance in Laxyo's portfolio. 

Raise boring is a modern underground mining technique used to create shafts and tunnels without explosives. This method is preferred for its safety standards and operational efficiency, making it ideal for creating critical infrastructure like ventilation shafts and escape routes. 

Strategic Importance of the Zambia Contract 

The Zambia contract is a crucial step in Laxyo's international expansion strategy. It places the company alongside established global raise-boring specialists in the African mining markets, such as Master Drilling, Murray & Roberts, and Redpath. 

Laxyo has filed papers with SEBI to raise up to ₹150 crore through an initial public offering (IPO). The funds will be used for debt reduction, equipment acquisition, and working capital requirements. 

Read More: NSE Files DRHP for IPO: Nearly 6% Offer for Sale, Listing on BSE and Other Key Details! 

Growth in the Indian Raise Boring Market 

According to Laxyo's Draft Red Herring Prospectus (DRHP), the Indian raise boring market is projected to grow at a CAGR of approximately 27.3% between FY25 and FY31, reaching an estimated market size of ₹575 crore. 

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. 

Conclusion 

Laxyo Ltd's expansion into Africa with a ₹200 crore contract in Zambia marks its first overseas raise-boring project, accounting for 12.6% of its order book. The company has filed for an IPO to raise ₹150 crore, aiming to support its strategic initiatives. 

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