October 19, 2012 - October 23, 2012

Bronze Infra Tech IPO Review & Recommendations

Dilip Davda recommend to "Avoid" the IPO.

Bronze Infra Tech IPO Review Summary from brokers and analysts

Review By	Apply	May Apply	Neutral	Avoid	Not Rated
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Bronze Infra Tech IPO Analysis By Brokers/Analysts

Reviewer	Recommendation	Past Reviews
Dilip Davda	Avoid

Bronze Infra Tech IPO Review by Dilip Davda (Avoid)

[Dilip Davda]

Company's performance has seen inconsistency with see-saw movement in top line year over year and so is the case with bottom line. It made preferential issue of 5000000 shares at Rs. 15 per share in July 2012 and now coming out with this issue. Considering last three year's average EPS of Rs. 0.94 and a book value of Rs. 15 due to preferential issue in July 2012 and before that at hefty premium just to jack up the NAV. EPS gets more diluted on expanded equity making this offer a costly bet. Except Max Alert, no other issue on BSE SME platform has rewarded investors so far. GIVE IT A MISS.

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