SEL Manufacturing IPO dream run

SEL manufacturing IPO which was being anticipated to list at a discount according to the grey market sources, made a complete turn around to close at much higher at Rs 130.

Issue price of SEL Manufacturing IPO was Rs 90, everyone expected that it might list below the issue price, initially it stayed at 90 Rs for a while and later the stock moved up tremendously,the reason for the raise might be the  forecast of sales and revenues they have given.

SEL Manufacturing manangement expects to meet FY08 topline of Rs 380 crores and net Profit of Rs 37 crore. FY08 EPS could be around Rs 23-24. It expects Rs 590 cr from the topline and Net Profit of Rs 59 cr for FY 09. Management further said that 50% of the revenues are going to be coming in from garment business.