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What experts say about Man Infraconstruction listing?
Shares of Man Infraconstruction will be listing on exchanges on March 11, 2010 and the company has fixed the issue price at Rs 252 per share, at higher end of price band of Rs 243-252.
Shares of Man Infraconstruction will be listing on exchanges on March 11, 2010 and the company has fixed the issue price at Rs 252 per share, at higher end of price band of Rs 243-252.
There were reports that the grey market premium for the share was over Rs 80 per share, which means the price would be more than Rs 330. While talking to Moneycontrol.com, Manish Bhatt of Prabhudas Lilladher said Man Infra would list around Rs 300-325.
Investment Advisor, SP Tulsian said the issue would list around Rs 275 though it was subscribed over 60 times; NIIs category got subscribed over 100 times. Above Rs 275, he advised profit booking.
The 56,25,150 equity shares initial public offering IPO, which opened during February 18-22, was subscribed 60.44 times, the highest subscription in the last two years. The company has raised Rs 141.75 crore from this issue, which would be used for purchase of capital equipment.
Man Infra provides construction services for port infrastructure, residential, industrial, commercial and road infrastructure projects. As on December 31, 2009, the company's order book, on a consolidated basis, stood at Rs 20,209.25 million spread across the construction sectors.
The book running lead managers to the issue were Edelweiss Capital Limited and IDFC-SSKI Limited.
