Is it worth to apply for Prince Pipes IPO? Here are some reviews:

“It has healthy return ratios with average RoE of 22 per cent and RoCE of 20 per cent for the same period. Assuming revenue growth of 13 per cent CAGR through FY19-21E, the company is valued at 14 times of FY21E earnings, which appears to be justified considering its business model, steady growth and healthy return ratios. Hence, we recommend subscribe to the issue,” Reliance Securities.

Equirus Securities: Subscribe
“Construction ban in certain areas in North India will impact near-term growth. Post anti-dumping duty on CPVC resin from China/Korea, Prince was forced to raise CPVC price higher than others and this will impact growth/profitability,” it said. However, the brokerage said that there is a chance of “one-time valuation jump to IPO investors.”

“With superior product mix, established brand name, strong distribution network, and adding capacities, we believe Prince Pipes is well placed to capitalize on domestic opportunities. At the upper price band of Rs178, the stock trades at 19.22 times its FY19 EPS of Rs 9.26,” it said

Ventura Securities: Subscribe for listing gains
Ventura Securities expects revenue, Ebitda and PAT of the company to grow at a CAGR of 5 per cent, 14 per cent and 18 per cent, respectively. For FY21, the stock is available at the offer price of 177-178 at 16 times on a fully diluted basis, this brokerage estimated.

BP Wealth: Do not subscribe

"Taking into account its debt position and the increased competitiveness of the market it operates in, the stock does not look attractive. We give ‘Avoid’ rating for the IPO,” it said.

CSB Bank IPO is open for subscription from November 22 and the IPO has been subscribed fully.
The issue will close on November 26. Equity shares are proposed to be listed on the BSE, as well as the National Stock Exchange on December 4

Is it worth subscribing to CSB Bank IPO? Here's what expert brokerages have to say:

1. HDFC Securities Review on CSB Bank IPO

As per HDFC Securities, the bank's business and financial performance could suffer if it is unable to effectively manage the level of its NPAs.

"Although CSB Bank is making efforts to improve collections and to foreclose on existing impaired loans in a timely manner, there cannot be any assurance that it will be successful in its efforts or that the overall quality of its Bank’s loan portfolio will improve or will not deteriorate in the future," HDFC Securities said.

Issued notices and initiated various recovery proceedings against defaulting borrowers under the SARFAESI Act are also among key concerns, HDFC Securities said.


Moreover, CSB’s funding requirements are primarily met through customer deposits. If it fails to sustain or achieve growth of its deposit base, including its current and savings account deposit base, its business may be adversely affected, HDFC Securities said.


2. IndiaNivesh Review on CSB Bank IPO

IndiaNivesh recommends subscribing to CSB IPO.


"CSB Bank has seen a remarkable turnaround after the new promoter took charge of its affairs in FY19. At the upper end of the issue price, it is available at P/BV of around 2.19 times on ‘TTM’ basis. We expect CSB Bank to embark on a growth trajectory of over 20 percent on business and profitability for the next couple of years. There is ample scope for it to get re-rated at higher a multiple of 2.5 times to 2.7 times P/BV after listing," said IndiaNivesh.


3. BP Securities Review on CSB Bank IPO

BP Equities recommends subscribing to the issue.

"CSB has posted turnaround results in six months of FY20 and has improved its operational and financial performance. We believe the bank should do well with the recent capital raise and its strong risk management frameworks. We give subscribe rating to the IPO," said the brokerage firm.


"On the valuation front, at the upper end of the price band, CSB is valued at 2.31 times P/BV and 25.31 times P/E. Taking into account huge growth prospects and its comfortable asset quality, the stock looks attractive for investment," said BP Equities.

Galaxy Surfactants Limited is a Mumbai based manufacturer of surfactants and other specialty ingredients for the personal care and home care industries. The ingredients company manufacture are commonly used in consumer-centric personal care and home care products like skin care, oral care, hair care, cosmetics, toiletries and detergent products. Galaxy Surfactants product portfolio includes over 200 product grades, which are marketed to over 1,700 customers in 70 countries

Galaxy Surfactants products are classified in 2 categories:
1. Performance Surfactants: This includes anionic surfactants and non-ionic surfactants.
2. Speciality Care Products: This includes amphoteric surfactants, cationic surfactants, UV filters, preservatives, preservative blends and surfactant blends, speciality ingredients such as mild surfactants, syndet and transparent bathing bars and proteins, fatty alkanolamides and fatty acid esters, and other care products.