CRISIL IPO grade 3/5 to Vascon Engineers
CRISIL has assigned IPO Grade '3/5' to the proposed initial public offering of Vascon Engineers Ltd, which indicates that the fundamentals of the issue are 'average' in relation to the other listed securities.
By INDIATIMES NEWS NETWORK |
MUMBAI: CRISIL has assigned IPO Grade '3/5' to the proposed initial public offering of Vascon Engineers Ltd, which indicates that the fundamentals of the issue are 'average' in relation to the other listed securities.
Vascon Engineers plans an issue of 1,06,80,000 equity shares to raise Rs 3 billion to Rs 4 billion.
The company is seen in the industry as a construction specialist with strong technical and design expertise, delivering quality work within the scheduled time. It has a strong brand in Pune, where it is an entrenched player with a business track record of more than 20 years.
In 2006-07 (Apr-Mar), Vascon Engineers reported a 180 per cent year-on-year jump in consolidated operating income, thanks to the ongoing boom in the Pune realty market.
The IPO will finance seven real estate projects aggregating 2.25 million sq ft of saleable area; most projects will follow the 'build-lease-sell' strategy.
However, Vascon Engineers' realty business is concentrated in and around Pune, exposing it to the fortunes of the IT/ITES industry. As on Oct 31, 2007, the company has developed about 3.36 million sq ft of saleable area; it expects to build more than 34.7 million sq ft over the next eight years.
Vascon Engineers plans an issue of 1,06,80,000 equity shares to raise Rs 3 billion to Rs 4 billion.
The company is seen in the industry as a construction specialist with strong technical and design expertise, delivering quality work within the scheduled time. It has a strong brand in Pune, where it is an entrenched player with a business track record of more than 20 years.
In 2006-07 (Apr-Mar), Vascon Engineers reported a 180 per cent year-on-year jump in consolidated operating income, thanks to the ongoing boom in the Pune realty market.
The IPO will finance seven real estate projects aggregating 2.25 million sq ft of saleable area; most projects will follow the 'build-lease-sell' strategy.
However, Vascon Engineers' realty business is concentrated in and around Pune, exposing it to the fortunes of the IT/ITES industry. As on Oct 31, 2007, the company has developed about 3.36 million sq ft of saleable area; it expects to build more than 34.7 million sq ft over the next eight years.
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