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Experts, brokerage houses say subscribe to Career Point IPO
The initial public offer of Career Point Infosystems, a tutorial services provider to post high school students, will open for subscription till September 21
The initial public offer of Career Point Infosystems, a tutorial services provider to post high school students, will close for subscription on September 21. The company aims to raise Rs 115 crore through the issue and the price band is at Rs 295-310 a share.
Experts as well as brokerage houses are bullish on the issue. Investment Advisor SP Tulsian and Manish Bhatt of Prabhudas Lilladher recommended subscribing.
Tulsian said, "Career Point is an interesting story because they are already into the tutorial services. It has been posting a consistent growth of 30% plus for over three years in their topline as well as in bottomline. In the recent past, they have issued shares at Rs 260 and Rs 295 to the PE investor and got a cash of about Rs 60- Rs 65 crore."
"Looking to the capability of the promoters and the track record of the company, in fact I am quite convinced with them because even if we take the cash balance lying in the books of the company and even if I give a multiple of 20 for the existing profit made by the company, plus even if I doesn't factor in the future projections, which will start flowing in from may be from FY13 first part, the company holds very good promises going ahead. I recommend even at the upper band of the price band," he said.
