Friday, September 24, 2010

IPO Note: Ashoka Buildcon; Attractive valuation 'SUBSCRIBE'

Ashoka Buildcon

Attractive valuation 'SUBSCRIBE'

·      Portfolio of 17 projects covering ~3400 lane kms makes Ashoka Buildcon, India's premier BOT developer. In house EPC arm leads to timely execution of projects

·      NHAI expects to award 18000 kms over FY11-12 - expect Ashoka with significant track record to be amongst the primary beneficiary

·      Lucrative BOT portfolio leading to re-leveraging of B/S  – 15 out of 20 had got re-leveraged. B/S can be further leveraged by Rs3.5 bn, providing dilution free growth.

·      Stock attractively valued - base case value at Rs378 provides 17% upside - Recommend SUBSCRIBE

 

 Issue Details

 

Date

24-Sep — 28-Sep

Price Band (Rs)

297-324

Offer size (Rs)

2,250mn

Offer size (shares)

6.9mn

Post issue (shares)

52.6mn

M.Cap (Rs)

17054.1mn

 

 

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Safe Harbor:

The information contained and provided on this Website provides Investment advice for the education of investors. The posts are an information service only. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. We do not assume any responsibility or liability resulting from the use of such information, judgment and opinions for Trading or Investment purposes.
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