Price band: Rs 42.5 crore – Rs 51 crore

Issue size: Rs 50 – Rs 60

Issue opens: November 20, 2007

Issue closes: November 23, 2007

Business: Construction and maintenance of roads, bridges and highways. A small exposure in real estate.

Objectives: Purchase of equipments, investments in BOT and BOOT projects.

Valuation: p/e of around 25- 30 times makes it a costly affair though one may not rule out the possibility of high revenue growth in FY2008-2009.

Call: We do not recommend this issue as the valuation is stretched in near term. Buy post listing at lower levels, if the market provides you with an opportunity.

Matter of fact, the company has land and many projects in pipeline. It can become a good money spinner. But the risks are high.

Disclosure: We are not bidding in this ipo.

Article courtesy: umcapitalindia