Mumbai, July 15: Engineering and construction conglomerate Larsen & Toubro (L&T) today said it would sell up to 15 per cent in L&T Technology Services through an initial public offering (IPO).

The announcement comes close on the heels of the strong response received by the initial offering of L&T Infotech, which was subscribed nearly 12 times. The issue also saw the number of applications crossing the one-million mark on the final day.

"The board of directors of Larsen & Toubro on July 15, has decided to participate in the offer for sale of equity shares by way of initial public offering by L&T Technology Services. The company (L&T) proposes to sell up to 15 per cent of the equity shares held in L&T Technology Services through the offer,'' L&T said in a filing with the stock exchanges today.

It later added that L&T Technology Services had filed its draft red herring prospectus with market regulator Sebi. The IPO comprises an offer for sale of up to 10,400,000 equity shares.

L&T Technology Services, which offers engineering and research and development services across sectors, has revenues of nearly $500 million. The company also offers engineering analytics and automation solutions.

The erstwhile L&T Integrated Engineering Services, carved out of parent L&T in 2010, was renamed L&T Technology Services in 2012.