Tuesday, March 22, 2011

Shilpi Cable Technologies IPO - Analysis, Recommendation, Review

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Shilpi Cable Technologies', a cable manufacturer, has come out with Rs 55.88 crore IPO. The company manufactures RF cables to cater to the telecom sector and also trades in cable accessories.

The IPO opens on 22 March, 2011 and closes on 25 March, 2011. The company has fixed issue price band at Rs 65-69 a share.

The company intends to utilize the proceeds of the IPO for capital expenditure on cable and wire assembly shop, tools for 3G enabling and augmenting cable manufacturing capabilities; for long term working capital requirement for the proposed new businesses; and for investment in the subsidiary of the company, M/s Shilpi Cabletronics.

D and A Financial Services Private Limited is the book running lead manager to the issue.

We would investors to stay away from this IPO. Even CARE has assigned Grade 1 to the IPO indicating poor fundamentals.
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