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| Mahindra Holidays IPO may signal primary mkt revival |
| Press Trust of India / New Delhi Jun 21, 2009, 14:51 IST |
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Ending a four-month long lull in the domestic IPO segment, Mahindra Holidays & Resorts is set to come out with an initial public offering tomorrow, which analysts feel could signal a revival in the primary market.
The IPO of Mahindra Holidays would be the first public offer to hit the market in the last four months since the public offering of Chennai-based EdServ Softsystems in early February.
Faced with uncertain financial conditions and economic sluggishness, firms have been holding back their plans to hit the capital market. With possible signs of revival, experts feel the segment is now expected to witness frenzied activity.
The IPO of Mahindra Holidays, which is part of diversified group Mahindra & Mahindra, opens on June 23 and the entity plans to mop up Rs 301 crore from the primary market, as per data available on the National Stock Exchange.
The company would be hitting the capital market with an IPO of 92.65 lakh equity shares and has fixed a price band in the range of Rs 275-325.
"Since the IPO is being brought in by a business conglomerate, the response would be closely watched by the investors. If hugely subscribed we can safely conclude that the primary market space has become a safe haven once again, else we will have to wait for the public sector IPOs," SMC Capital's Equity Head Jagannadham Thunuguntla said.
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