Euro Multivision fails to impress Traders
Euro Multivision has allotted five qualified institutional bidders 43.69 lakh shares or 50% of the issue, Eit closed down almost 30% on its first day of listing. Euro Multivision, the Compact disc maker finally ended at Rs 53.55 against its issue price of Rs 75 per share.
The stock had opened at 75 on NSE, it managed to make a high of 80.70 and a low of 51.65.
The company fixed the issue price at Rs 75 per share which was subscribed 1.81 times.
Promoters’ shareholding has been reduced to 51.12% from 81.11% post the issue. For the year ended March 31, 2009, the company reported net profit of Rs 1.84 crore on sales turnover of 73.22.
The company raised nearly Rs 66 crore at an issue price of Rs 75. It was graded three and the lead book manager was Anand Rathi. Five QIBs were allotted 50% of the issue. There was no applications which came from the mutual funds.
Stock Recommendation
We would recommend to avoid this Stock for Long term investors as the company over the last few years has not shown any considerable rise in its business
Tags: Euro Multivision, Euro Multivision buy or not, Euro Multivision listing date, Euro Multivision listing price, Euro Multivision subscirlbe, expert views on Euro Multivision, new listings on NSE BSE
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