Indian non-banking financial institution PTC India Financial Services' (PFS) initial public offering of 15.67 crore equity shares opened for subscription.
PFS is engaged in the business of making principal investments in, and provide financing solutions for, companies with projects across the energy value chain. Company aims to raise Rs 438.76 crore through the issue at higher end of price band of Rs 26-28 a share. It will close on March 18. All brokerage houses are bullish on the company and its prospects going forward. KR Choksey believes PFS is reasonably priced at 1.54x of current book at the upper band and 1.43x at the lower band. "Though it is smaller player in comparison to its peers, there is enough headroom to grow in the near to mid term. We recommend subscribe with long term view however investors looking for listing gains may avoid the issue," broking house explained. Investment Advisor SP Tulsian too advised investors to apply the issue at the upper end of price band. "Although PFC, REC and IDFC are much larger as against PTC India Financial, the latter has been showing handsome growth both in terms of fund deployment and on other financial parameters. PBV of the issue is very attractive vis-Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
