Choice Broking Research has recommended to 'Avoid' the initial public offer (IPO) of PNC Infratech. PNC Infratech is coming with an initial public offering (IPO) to raise around Rs 13,000 million, with subscription starting from May 8, 2015. The issue will closing on May 12, 2015.

Commenting on the PNC Infratech IPO, Choice Broking Research, said, ''At lower and upper price band, PNC's shares are available at P/E multiple of 24.1x and 25.7x, which is at 17%-24% premium to average P/E multiple of peers. Thus we feel that the PNC's IPO pricing level is not justified, given the lower profitability margins and return ratios as compared to its peers. Thus, we recommend investors to AVOID the issue.''

PNC Infratech (PNC) is an Agra based integrated infrastructure players is engaged into development, construction and management of infrastructure projects. The company executes the projects under EPC, BOT, item rate basis and OMT mode.

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