According to Hem Securities
Mumbai based broking firm Inventure Growth and Securities has opened its initial public offering of 70 lakh equity shares of Rs 10 each for subscription today. Hem Securities has advised avoiding the issue, in its research report.
The report says, "The company is bringing the issue at price band of Rs 100-117 at P/E multiple of 34-40 at post issue EPS of Rs 2.96 on FY’11 PAT. Stiff competition, inconsistent financial performance and high P/E multiple makes the issue unattractive at present level. Hence we recommend investors to avoid the issue."
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