Will Macrotech Developers get a successful listing this time on the stock market? By Yash Gupta, Angel Broking
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Below are Views On Will Macrotech Developers get a successful listing this time on the stock market? By Mr. Yash Gupta Equity Research Associate, Angel Broking Ltd
We are not expecting retail participation to be a huge one in this IPO as what we have seen in earlier IPOs along with this we expect listing gain also to be very limited.
Outlook & Valuation: Company has a strong brand in affordable and mid income housing projects, but is not able to deliver the growth in sales and free cash flow in the last couple of years. The company has posted sales degrowth of 68% in 9MFY21 and reported a negative profit after tax of 265 crores. Given weak revenue growth in the past and leverage balance sheet we assign a "NEUTRAL" rating to the IPO.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
