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Subscribe to A2Z Maintenance IPO: Nirmal Bang
Engineering, procurement and construction (EPC) service provider A2Z Maintenance and Engineering Services' initial public offering (IPO) will open for subscription on December 8.
Engineering, procurement and construction (EPC) service provider A2Z Maintenance and Engineering Services' initial public offering (IPO) will open for subscription on December 8. Nirmal Bang has recommended subscribing IPO with a long-term perspective, in its research report.
It comprises fresh issue of Rs 675 crore by the company and an offer for sale of upto 4,556,193 equity shares of Rs 10 each at the issue price by the selling shareholders. The company has fixed a price band at Rs 400-410/share. The issue will close on December 10.
The report says, "A2Z is operating in an emerging and high-growth industry and has shown rapid growth capabilities in the past. Execution capability in the distribution EPC business, emerging opportunities in solid waste management and high growth planned in the renewable energy business, supported by government policy, will drive growth for A2Z. At the upper band of Rs 410, though the shares seem to be offered at a higher PE multiple of 24 on historic earnings of FY10, we feel the multiple on forward earnings will be attractive due to growth in all its businesses. We recommend investors to subscribe to the company's initial public offering with a long-term perspective."
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