Nelcast to list in the range of 260-285
Nelcast Ltd. is listing tomorrow on both BSE and NSE. The company has alloted shares @ Rs. 219 per share. The issue saw a good response and was oversubscribed by 7.36 times. the retail portion was subscribed around 4.6 times while the Institutional Investors portion got oversubscribed by 11 times.
At the offer price the stock comes at a P/E of around 20 which can be considered to be reasonable given the current valuation of auto ancilliary sector. The stock is expected to list between Rs. 260-285 given the current IPO listing trends. A listing above this level can be considered as a good opportunity to book listing gains.
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