The issue is entirely an offer-for-sale (OFS) by the promoters of the company (40 mn shares), implying an issue size of INR31 bn and a postissue market capitalization of INR 125 bn (at the higher price band).
Valuation and Outlook
Based on FY19 consolidated numbers, the issue is priced at a P/E of 19.6x. The company is likely to benefit from i) being the largest global EPC contractor in an industry that is seeing a massive thrust towards renewable energy ii) an asset-light business model, and iii) strong parentage. However, considering the current market environment and absence of past comparable financials, investors can Subscribe only from a Long Term perspective
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