India's largest coal producing company Coal India's (CIL) initial public offer (IPO) has opened for subscription. Hem Securities has recommended subscribing the issue, in its research report.
The company aims to raise more than Rs 15,000 crore through the IPO, which is the largest amount IPO in Indian history. This IPO is a part of the government's divestment programme and the entire amount will go to government, which will hold 89.99% stake post dilution.
The report says, "The company being one of the largest coal producing company in the world has posted strong financials. Because of co?s pre-eminent position in the coal industry in India, the continuing dependence of the power sector on coal as a cost effective source of fuel and co?s long standing relationship with significant customers such as NTPC and other government-owned and controlled power utilities, company play a strategic role in the development of India?s thermal power sector, which continues to be a key driver for growth in the Indian economy. Looking at the valuations of company we find company is reasonably priced as compare to its global peers. Hence we recommend investors to subscribe the issue."
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