CRISIL Equities has assigned a grade of 3/5 to the proposed initial public offer (IPO) of PTC India Financial Services Limited (PFS), which indicates that the fundamentals of the IPO are average relative to other listed equity securities in India, according to report dated March 01, 2011.
PFS, a subsidary of PTC India, is a systematically important non-deposit taking NBFC engaged in the business of making equity investments, providing debt financing, carbon credit financing, fee-based syndication and advisory services exclusively to the power sector.
The report says, "The IPO grade assigned to PFS takes into account the huge financing opportunities arising due to large-scale investments required in the power sector following an increase in power demand. CRISIL Research expects more than Rs 9.3 trillion will be invested in the power sector during FY10-15, with generation (both utilities and captives) comprising Rs 5.8 trillion (63% of the total investment). The grade takes into account the rich vintage of PFS
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