HSBC analyst, Hitesh Punjabi has the following recommendation on the IPO,
Considering the P/E valuation on the upper end of the price band of Rs 185, the stock is priced at pre issue P/E of 9.3x on its FY11 EPS of Rs
19.9 and on the lower end of the price band of Rs 175, the stock is priced at pre issue P/E of 8.8x. The promoters of goodwill Hospital research
and centre have limited experience in managing hospitals and there is intense competition in the healthcare industry in NCR and Delhi region,
which could put pressure on the company going ahead. We recommend our investors to Avoid the issue.
