Wednesday, May 16, 2007
Two articles on IPO grading
Prithvi Haldea is bang on about IPO grading. And, see Rajesh Kumar on this subject. You may like to see an earlier blog posting of mine on this.
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Mr.Haldea is bang on.....an FPO by Infosys at Rs.25,000 (compared to the CMP of Rs.2,100) would get the best grade possible, but does it make any sense to invest in that offer, clearly NO.
ReplyDeleteAnother thing to note are the grades themselves, from 1 to 5. With 1 being the worst and 5 being the best. Shudn't it have been the other way around...to the human mind No.1 is equivalent of the best when compared to a No.5.
In the recent past, I saw a company highlight in bold letters that it got Grade 2 for its public offer (ofcourse the explanation that the grade was among the worst possible was provided in a [eye-testing] font size).
Wondering whether the working principle at SEBI is 1).First Act 2)Then Think.