Company is a leading technology-based securities firm in India that offers a wide range of financial services including brokerage, financial product distribution and investment banking and focuses on both retail and institutional clients. Company have been the largest equity broker in India since fiscal 2014 by brokerage revenue and active customers in equities on the National Stock Exchange (Source: CRISIL), powered by its significant retail brokerage business, which accounted for 90.5% of the revenue from co’s brokerage business (excluding income earned on co’s funds used in the brokerage business) in fiscal 2017.
Co is bringing the issue at p/e multiple of almost 31 on post issue H1FY18 annualized eps at price band of Rs 519-520/share. Co being largest equity broker in India has strong and growing distribution business with an “OpenSource” Distribution & a leading institutional platform .Co’s strong financial performance with significant operating efficiency plays well for company. Hence, we recommend “Subscribe” on issue.