Shriram EPC attracts 14% premium

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Wind turbine manufacturer and engineering firm Shriram EPC was hovering at Rs 341.50 in early trade, a premium of 13.8% over IPO price of Rs 300.

The stock debuted at Rs 290, a discount of 3.3% over the IPO price.

The stock hit a low of Rs 285 and high of Rs 374.70 in early trade. On BSE, 10.2 lakh shares changed hands in the counter.

The current price of Rs 341.50 discounts the year ended March 2007 EPS of Rs 3.3, by a PE multiple of 103.4.

Shriram EPC IPO had ended with 3.91 times subscription on 1 February 2008. The IPO had received bids for 1.95 crore shares as against 50 lakh shares on offer. The qualified institutional buyers (QIBs) portion was subscribed 6.13 times, the non institutional investors portion was subscribed 0.41 times and the retail investors portion was subscribed 0.62 times. The price band for the IPO was Rs 290-330.

Shriram EPC is a service provider of integrated design, engineering, procurement, construction and project management services for renewable energy projects, process and metallurgical plants and wind turbine generator. The company plans to utilise the proceeds to augment its power equipment manufacturing capacity and fund future acquisitions. Some amount from the IPO proceeds would also be utilised for acquisitions and working capital.

The company reported a net profit of Rs 14.06 crore on sales of Rs 295.72 crore in the year ended March 2007.

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