Subscribe to Persistent Systems IPO: Hem Securities

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Hem Securities has come out with a research report on Persistent Systems' IPO. The broking firm has recommended investor to apply for this issue.

Pune based software product development company is entering capital market with an initial public offering (IPO) of 54,19,706 equity shares of Rs 10 each on March 17, 2010. The company will raise around Rs 157.17-168 crore at price band of Rs 290-310 per equity share.

The report says, "The company is bringing the issue at price band of Rs 290-310 which will turn into P/E multiple of 11.54-12.34 at post issue annualized EPS of Rs 25.12.The company has posted robust financials from last few years. Being one of the market leaders in outsourced software product development service, the company is on the high growth trajectory .Also, the debt free status of the company has added one more feather to its cap. Hence we recommend investor to apply for this issue."

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To read the full report click on the attachment