The broking firm "Swastika Investmart" has done a very good research and created a report on Persistent Systems IPO. It has recommended to apply for the IPO with price target of Rs 350 for medium term.
The initial public offering (IPO) of Pune based software company which is a product development company has opened for subscription. The company has plans to raise around Rs 157.17-168 crore at price band of Rs 290-310 per equity share via 54,19,706 equity shares issue.
The report from Swastika Investment says, "Persistent Systems, an Outsourced Software Product Development (OPD) Company aims to raise funds from IPO for developing facilities in Pune, Nagpur alongwith acquiring new hardware and other general corporate purposes. Considering the strong financial performance shown by company in past and its future potential we recommend applying for the IPO with price target of Rs 350 in medium term. Good listing gains can also be seen if market sentiments in general remain good."
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