The much awaited IPO of PFC has opened today and will remain open for subscription till 6th February 2007. The shares are offered in a price band of Rs 73 to Rs. 85 per share and the minimum bid size is 80 shares.
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Salient Features of the Issue
Issue Opens : January.29.2007
Issue Closes : February.02.2007
Issue Size : 6,93,00,000 Equity Shares
Issue Type : Book Building
Face value : Rs. 10/-
Price Range : Rs. 54/-to Rs.64/-
Tick Size : Re.1/-
Market Lot : 100
Minimum Order Qty : 100
Listing Stock Exchange : NsE, BSE
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We still advise to remain in cash at this point. Book profits wherever they are coming. Some long unwinding is expected till thursday.
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Markets are expected to remain range bound. The earning season has been very good, with good numbers from Infosys and Wipro but markets are yet to find a direction. They seem to be consolidating at this level ahead of expiry of futures contracts on thursday. Financial Institutions like IFCI, IDBI and IDFC have run up quite a bit and now seem to have toped out. We recommend selling IFCI at Rs. 26-27 levels and IDBI at around Rs. 100 levels.
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