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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