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Vascon Engineers IPO Report Ex Indiabulls

Posted By On 8:06 AM Under

Indiabulls has come with a report on Vascon Engineers Ltd and same is as appended below:
Vascon Engineers Ltd is entering in the capital markets with an initial public offering, IPO of 10,800,000 Equity Shares of Rs.10 each, at the price band of Rs 165-185 per share. Bids can be made for a minimum of 35 equity shares and in multiples of 35 equity shares thereafter. Promoters' shareholding will be reduced to 38.41% post issue.

At a lower price band of Rs. 165, as per our estimates the Company would provide an ROE of 11% and 14%, for FY10E and FY11E, which is in-line with an average of its peers set of Brigade Enterprise, Mahindra Lifespace Developers and Gayatri Projects. Moreover, at a lower price band of Rs. 165, the Company proposes an EV/EBITDA for FY11E of 11.1x, which offers an upside against its peers set average of 12x for FY11E. Moreover, our DCF based valuation (Cost of Capital 14.3% and Terminal Growth rate 5%), suggests a fair value of Rs. 189. Thus, we recommend investors to Subscriber to the issue at the lower price band.
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