Subscribe to Shipping Corporation FPO: Arihant
Arihant Capital Market has advised investors to ‘Subscribe’ to follow-on public offer of Shipping Corporation of India.
By ET Bureau |
MUMBAI: Arihant Capital Market has advised investors to ‘Subscribe’ to follow-on public offer of Shipping Corporation of India.
“At the upper end of price band of Rs 140, the stock is available at PE(x) of 7.5x its annualised FY11 EPS, while it is available at 7.3x at its lower end of price band at Rs 135, which we believe is quite attractive.
Even on P/B(x) and cash per share front, the stock is available at attractive valuations as its book value stands at Rs 145 per share and has cash per share of Rs 53. We recommend subscribe to SCI FPO,” the recommendation said.
SCI has come out with an FPO to garner between Rs 1,143–1,186 crore through an offer for sale of 42,345,365 shares and a fresh issue of 42,345,365 shares.
The issue closes Friday.
“At the upper end of price band of Rs 140, the stock is available at PE(x) of 7.5x its annualised FY11 EPS, while it is available at 7.3x at its lower end of price band at Rs 135, which we believe is quite attractive.
Even on P/B(x) and cash per share front, the stock is available at attractive valuations as its book value stands at Rs 145 per share and has cash per share of Rs 53. We recommend subscribe to SCI FPO,” the recommendation said.
SCI has come out with an FPO to garner between Rs 1,143–1,186 crore through an offer for sale of 42,345,365 shares and a fresh issue of 42,345,365 shares.
The issue closes Friday.
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