Sumary of 85% profit in just 2 days! What should investors do with this jinx breaker?:
- Shares of the Gujarat-based company hit a new high of Rs 1,121.45 on Wednesday, which is 84 per cent above the issue price of Rs 610. Amid the ongoing volatility in the secondary market, most analysts suggest IPO investors to take some money off the table now.
- He recommended investors to book profits partially and hold the remaining stake for the long-term.
- “The company got listed at Rs 910, implying a P/E valuation of 58.85 times, at par with its peers.
- Joshi expects the company to post good numbers in the longer run after the recent expansion.
- “The premium, niche and diversified product portfolio will aid performance of the company in future,” he said.
- The Rs 570 crore IPO, which was sold from September 1 to September 3, was subscribed 64.54 times, thanks to a strong response from institutional and HNI investors.