Saturday, June 14, 2008

Lotus Eye Care IPO - Analysis, Recommendation and Review

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Lotus Eye Care Hospital, functioning in South India with specialization in super-specialty service, has opened for subscription on June 12 with a public issue of 1,00,00,000 equity shares of Rs 10 each through 100% book building process. The price band has been fixed at Rs 38 to Rs 42 per equity share of Rs 10 each. The issue closes on June 17, 2008. The issue will constitute 48.09% of the fully diluted post issue paid-up equity share capital of the company.

The CARE has assigned “IPO Grade 3” to the issue. The company proposes to utilise the net proceeds of the issue to part finance its Rs 5500 lacs expansion plan. The plan covers expansion of existing facilities and establishment of new centers with latest technology.

We do not recommend investors to invest in this IPO given the situation the stock market is in right now!

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