Larsen and Tubro is out with the ipo of its subsidiary LnT Finance.
Symbol – Series LTFH EQ
Issue Period July 27, 2011 to July 29, 2011
Post issue Modification Period July 30,2011
Price Range Rs.51 to Rs.59
Discount Employee category Rs 2.
Face Value Rs.10/-
Tick Size Re. 1/-
Market Lot 100 Equity Shares
Minimum Order Quantity 100 Equity Shares
IPO Grading IPO GRADE 5 CARE and ICRA
IPO Market Timings 10.00 a.m. to 5.00 p.m.
As on 27 July 2011 at 1700 hrs the the issue is subscribed 0.3 times.
In my view, for the small investor this high quality IPO on the face of it looks buy-able at the lower end of the price band and an avoid at the higher end. One can take a bet by subscribing at cut off and subsequently taking a call when the book closes and withdraw their bid if it closes at the upper end of the band i.e. Rs 59 because listing profits are going to be slim or negligible in short term especially in such a volatile market.