Avoid to Likhitha Infrastructure: Choice Equity Broking

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Choice Equity Broking IPO report on Likhitha Infrastructure

Hyderabad based oil & gas (O&G) pipeline infrastructure service provider - Likhitha Infrastructure Ltd. (Likhitha), is planning to raise up to Rs. 612mn through an IPO, which will open on 29th Sept. and close on 1st Oct. 2020. The price band is Rs. 117 - 120 per share. The issue consists of fresh offer only. Of the net proceeds from the fresh issue, Rs. 470mn will be utilized to meet the working capital requirement, while the rest of the amount will be utilized for general corporate purposes.

Valuation and Outlook

Thus, considering the above observations and the small issue size, we assign an “AVOID” rating for the issue. The company’s share will be listed in “T” group with 5% circuit limit, thereby restricting the speculative bet in the share price movement.

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