Listing gains likely in Tecpro Systems: Bonanza

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Listing gains likely in Tecpro Systems: Bonanza

The initial public offer of Tecpro Systems, a material handling company, has opened for subscription.

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The initial public offer of Tecpro Systems, a material handling company, has opened for subscription. Bonanza Research has recommended subscribing the issue, in its research report dated September 23, 2010.

The company is offering 75.5 lakh shares through this issue and a price band is at Rs 340-355 a share. The issue will close for subscription on September 27 for QIB bidders and on September 28 for non-QIB bidders. Bids can be made for a minimum of 15 equity shares and in multiples of 15 shares thereafter.

The report says, "The company is having a consolidated order book as at July 31, 2010 was Rs 2,311.30 crore. The issue shall constitute 14.96% of the post-offer share capital of company. The P/E based on the FY10 earnings of Rs 25.01 comes to 13.59x at the lower price band and 14.91x at the higher price band somewhat better than its nearest peers. Looking at the BOP projects that company is going to execute in near term, it is well positioned to get the most out of the growth opportunities in the power and other related sectors. CRISIL has assigned a CRISIL IPO Grade 4/5 to the proposed initial public offer (IPO) of Tecpro Systems. Company with strong track record in handling big projects along with sound financials offers value to long term investors. The listing gains are also likely."

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To read the full report click on the attachment