Apply for Persistent IPO, target of Rs 350: Swastika

RELATED NEWS Confident of holding 23-24% margins: Persistent Systems See good response to Persistent Systems IPO: Udayan Nifty BSE | NSE 09/02/12 Are Mutual Funds betting on Nifty?

Swastika Investmart has come out with a research report on Persistent Systems' IPO. The broking firm has recommended applying for the IPO with price target of Rs 350 in medium term.

The initial public offering (IPO) of Pune based software product development company opened for subscription. The company will raise around Rs 157.17-168 crore at price band of Rs 290-310 per equity share via 54,19,706 equity shares issue.

The report says, "Persistent Systems, an Outsourced Software Product Development (OPD) Company aims to raise funds from IPO for developing facilities in Pune, Nagpur alongwith acquiring new hardware and other general corporate purposes. Considering the strong financial performance shown by company in past and its future potential we recommend applying for the IPO with price target of Rs 350 in medium term. Good listing gains can also be seen if market sentiments in general remain good."

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click on the attachment