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Apply for Pradip Overseas IPO, target of Rs 150: Swastika
Swastika Investmart has come out with a research report on Pradip Overseas IPO. The broking firm has recommended applying for the IPO with price target of Rs 150 in short-term.
Swastika Investmart has come out with a research report on Pradip Overseas IPO. The broking firm has recommended applying for the IPO with price target of Rs 150 in short-term.
The 1.06 crore shares issue of Pradip will close on March 15. The company plans to raise up to Rs 117 crore through the issue and the price band is at Rs 100-110 a share.
The report says, "Pradip Overseas IPO which is priced at Rs 100-110 per share hits capital markets with object of financing its capital requirements for proposed manufacturing facility in a proposed Textile SEZ in Ahmedabad. Company has strong client base in US and EU. Top 10 Clients gave almost 40% of total revenue to company in FY09 and further company's Top-Line and Bottom-line for period 2006-09 have increased with CAGR of 715% and 360% respectively. After considering its strong financials and future prospects, we recommend applying for the IPO with price target of Rs 150 in short-term. Good listing gains are also possible on the counter."
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