Positive on United Bank of India IPO: Pankaj Pandey

Pankaj Pandey, Head of Research, ICICI Direct

REC FPO opens today. 203 is a floor price, are you recommending your investors to apply for the FPO?

I will not be specifically able to comment upon REC because we have an investment banking relationship but among IPOs, we are positive on United Bank of India. We feel that it has been offered at 0.7 times the book value which is among the best of the lot though the bank would not have a very great going forward on a standalone basis but then again, the valuation side, it is quite attractive and people can apply for listing and even from a long term perspective wherein if some consolidation opportunity arises, investors can benefit from that.