Category: India IPO Reviews and Updates

We recommend Value Investors to stay away from the IPO of Motilal Oswal. It is an expensive issue being offered at a P/E higher than PSU asset classes. Moreover, we know the internal matter about management and its acquisition of Cochin based Peninsular Capital Markets and thus give a ZERO rating to the management of Motilal Oswal. Also the network of offices that it is banking on is just a SHELL which and when if cracked is EMPTY.

Here is a research report from HDFC which expresses concern about the valuations at which the IPO is priced.

Short Term and Risky Investors can apply but Value Investors including ourselves are staying away from this issue.

Central Bank of India listed few minutes ago at Rs 130. We had a subscribe recommendation to the IPO. Book partial profits at Rs 132 [Gain of Rs 30 / share]. Huge block deals were witnessed on BSE in CBI counter.

We are reviewing the prospects of Motilal Oswal IPO and will come with a recommendation very soon.

IVR Prime Urban Developers will list on the stock exchange on August-16th, Thursday. We had recommended to avoid the issue. In spite of our recommendation if you have applied, then surely you have been alloted because of the poor response.

The stock may list above the offer price of Rs 550 but it is expected to close below the offer price. We advise to book profits ASAP.

The allotment status of Central Bank of India IPO is now available online here. All applications for Rs 97,920 have been alloted 63 shares. The grey market premium has come down to Rs 21 from Rs 30. Long Term investors can hold the stock CBI has the third largest network of branches.

After careful research, we recommend Value Investors to avoid the IPO of Purvankara Projects at the revised price band of Rs 400 to Rs 450. The real estate prices in Bangalore /Bengalooru are also correcting. [We are personally not buying any argument from Edelweiss Research or Moneycontrol-CNBC TV18 as we are convinced beyond doubt that the management of Purvankara is interested only in stripping investors money]

Purvankara also kept investors in the dark by not going for their land Bank Valuation from reputed Realty Consultants like Cushman & Wakefield. Now the big question is how reliable is Edelweiss or Motilal Oswal analysis of Land Bank when domain experts are kept away.

The problem with small realty firms is their earnings visibility and hence will also not command any premium to their NAV. With correction in the market, their are many other BUYING opportunities and one can AVOID the BIG MISTAKE of investing in Purvankara IPO.

You can now check the status of allotment of Zylog Systems IPO here. [On Phone they told it will be available from the 8th]

The Allotment Status Omaxe Construction Ltd IPO can be checked here. All individual retail applications for 320 shares have been firmly alloted 26 shares.

Intime Spectrum Registrar to the issue has told us that, As per information made available by ECS-Refund Banker(HDFC BANK LTD.)

Credit into respective account through ECS can be expected
In Mumbai by : 04/08/2007
Other than Mumbai by : 08/08/2007

Update on Purvankara Ltd IPO:
Our Analyst has an AVOID on Purvankara projects. The issue is very poorly subscribed at mere 0.28 times [just one more day to go] with absolutely no interest from Retailers. Stay away from the issue.