2 months ago
108
Feb 27, 2024 10:23 AM IST
Both public offers will close on February 29, and the issue size is ₹429 crore and ₹235 crore, respectively.
Of the six initial public offerings (IPOs) scheduled to hit Dalal Street this week, two opened for subscription on Tuesday. While the Exicom Tele-Systems IPO aims to raise net proceeds worth ₹429 crore and will close on February 29, the public offer of Platinum Industries is to raise ₹235 crore; the latter too will close on February 29.
Total six IPOs are hitting Dalal Street this week, including two today. (Representative Photo) Also Read: From Platinum Industries to Bharat Highways, 6 IPOs hitting market this week
Exicom Tele-Systems IPO
The company, which is into electric vehicle (EV) chargers making, has fixed a price band of ₹135-142 per share. The IPO comprises a fresh issue of equity shares aggregating up to ₹329 crore, along with an offer-for-sale (OFS) of up to 70.42 lakh shares worth ₹100 crore at the upper end of the price band.
Hindustan Times - your fastest source for breaking news! Read now.
According to market experts, Exicom Tele-Systems' shares are available at a premium of ₹129 in the grey market today.
Meanwhile, Dhruv Mudaraddi, a research analyst at brokerage firm Stoxbox, gave a ‘subscribe’ tag to the offer.
“With clear objectives post-IPO encompassing the establishment of production facilities, debt repayment, investment in R&D, and bolstering working capital, the company demonstrates a proactive approach toward addressing market demands and capitalizing growth opportunities,” Mudaraddi told Mint.
Other leading brokerages such as BP Equities, Nirmal Bang, and SBI Securities, have also assigned a 'subscribe' tag to the public issue.
Platinum Industries IPO
The firm, which manufactures PVC (ployvinyl chloride) and CPVC (chlorinated polyvinyl chloride), has fixed the price band at ₹162-171 per share. The IPO is a entirely a fresh equity issue of 1.37 crore shares with no OFS component.
Analysts at financial services provider Anand Rathi, gave a ‘subscribe’ tag to investors in the long-term.
At the upper price band company is valuing at P/E (price-earnings) of 25.0 times, with a market cap of ₹939 crore post issue of equity shares and return on net worth of 61.26%. We believe that valuations of the company is fairly priced and recommend a 'Subscribe-Long Term' rating to the IPO," it said in its IPO note.
(Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies)
- ABOUT THE AUTHOR
Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.
