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The public issue of 1,30,94,175 equity shares of Paramount Printpackaging closes on Monday, April 25. MLR Securities has recommended avoiding the issue, citing price looks expensive, in its research report.
The report says, "The EBITDA margin of the company is healthy at around 22% for 9mthFY11, however the PAT margin was only 3.9% due to high interest expense. The stock is valued at an EV of 6 x annualized 9mthFY11 EBITDA considering the average of the IPO price range of INR 32-35. Larger and established players in the packaging industry are trading at an average EV/EBITDA of around 5.5."
"Taking into consideration the size of the company
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