Timbor Home (THL), a manufacturer-retailer having a Pan-India presence with more than 80 exclusive stores of kitchen, door and furniture retail outlets, has opened its initial public offer of 36.9 lakh equity shares for subscription. MLR Securities has recommended avoiding the issue, citing aggressive valuations of 28-33 times annualized FY11 EPS and weak fundamentals, in its research report dated May 30.
The price band for the issue, which closes on June 2, has fixed between Rs 54 and Rs 63 per equity share.
The report says, "The company has given the PBT of Rs 3.06 crore but not given the profit after tax for first nine months of FY11. Assuming a tax rate of 33%, the company
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