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Tatva Chintan Pharma IPO is second-most subscribed this year at 180 times
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The issue is entirely an offer for sale. At the upper end of the price band, the company seeks a market-cap of Rs 8,100 crore.
“Adjusting this for Rs 2,500 crore equity to be invested in HAM projects (valued at a conservative 0.7 times P/BV) – it seeks a valuation of Rs 6,400 crore for its EPC business, which translates into 7 times FY23 P/E, assuming 15 per cent revenue CAGR and 18 per cent Ebitda margins over FY22-23. This is in line with most peers, which are all trading at significant discounts to their historical average (15x) due to the ongoing pandemic,” said Phillip Capital.
At 48x PE, should you subscribe to IPO of this ‘clean’ chemical maker?
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Synopsis
Most analysts have ‘subscribe’ ratings on the issue, as the financial ratios of the company look strong and its shares are available at favorable valuations compared with its peers.
The company is going to list at a PE of 48.18 times with a market-cap of Rs 9,559.7 crore, while peers Vinati Organics and Fine Organics trades at 77.4 times and 75.1 times, respectively.
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NEW DELHI: Clean Science Technology, a specialty chemicals producer that will launch on offer for sale from Wednesday in the primary market, is a play on two of the most relevant themes in the current times.