Prabhudas Lilladher: IPO Note - Sobha Developers

Prabhudas Lilladher in their IPO Note on Sobha Developers, say that they are positive regarding the prospects of Sobha Developers.

According to the research report by the brokerage house, Sobha Developers has land reserves of 2,593 acres, representing 118 mn sq.ft. of developable land at 78 locations in seven different cities in India.

On the valuation front, the company price band of Rs 550 to Rs 640, works out to P/Es of 32.3x and 37.6x the annualised EPS of Rs 8.5 for H1 FY07.

Prabhudas recommend 'Subscribe' for the issue at the upper end of the price band.

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