Bartleet recommends Softlogic Holdings IPO as buy

Bartleet Mallory Stockbrokers (BMS), first off the block with equity research on Softlogic Holdings Ltd.’s Rs. 4 billion IPO, the country’s biggest in six years, is recommending subscription to the offering. “We expect the group 4-year forward revenue CAGR to be 78.8% while the Profit Attributable for Shareholders to grow by a steeper 181%. The counter trades at an attractive 21.7x PER (Trailing Twelve Month) and a 13.1x forward PER on FY 2012 earnings. We recommend SUBSCRIBE,” the BMS Research team said in its report. Here are excerpts: