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Maytas Infra may list @Rs 500 per share

MUMBAI: Maytas Infra is expected to list around Rs 500 on the exchanges Thursday, against the issue price of Rs 370 for the Rs 10 share. The initial public offering was subscribed 67.86 times and raised Rs 327.4 crore. The company plans to use the IPO proceeds for various built-operate-transfer projects including the Bangalore-Hosur elevated expressway, 300 MW coal-based KVK Nilachal power project in Orissa, 56 MW coal washery reject-based SV power plants, and 2.5 million MT per annum coal washery at Korba in Chhattisgarh.

“The company is likely to see 40 per cent upside on listing. It’s priced around 39 times FY07 earnings. The stocks is expensive than IVRCL but given the strong book, it looks good going ahead. We see good growth over next couple of years, fuelled by current order book of Rs 3,600 crore, which is 5.5 times FY07 revenues,” said Abhinav Bhandari, sector analyst at PINC.

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