[T.S.R:16563] Shekhawati Poly Yarn - IPO Note - SPA Sec - Avoid

Dear Sir/Madam,

 

Shekhawati Poly-Yarn Limited (SPYL) is engaged in the business of manufacturing of Texturised and Twisted yarn. The company currently operates through its 3 manufacturing units located at Dadra & Nagar Haveli with a total capacity of 28,000 MTPA.

 

Valuation

At the offer price of INR 30, the stock is available at a P/E and P/BV multiple of 29.9x and 1.2x based on its FY10 EPS of INR 1.0 and post issue BVPS of INR 25.8. The offer price is quite steep based on current peer group valuations. We recommend 'Avoid' to the issue.

 

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