Outlook & Valuation: At the upper end of the price band, ICFL is valued at 2.2x of
Q3FY18 book value (Pre-IPO) and on post dilution basis at 1.9x of Book value. The
strong sponsorship of Everstone and other shareholders, along with a wellcapitalised
balance sheet and an experience and focused management provide an
excellent base for the next level of growth. Based on the above positive factors we
assign SUBSCRIBE rating to the issue.
Incorporated in 2017, KFin Technologies Limited is a leading technology-driven financial s
Incorporated in 2003, Sula Vineyards Limited is Indias largest wine producer and seller as
Incorporated in 2009, Archean Chemical is a leading specialty marine chemical manufacturer
Incorporated in 1984, Five Star Business Finance Ltd (FSBFL) is an NBFC-ND-SI (Non-Banking
Incorporated in 2008, Kaynes Technology India Limited (KTIL) is a leading end-to end and I
Incorporated in 1995, Bikaji Foods International Limited (Bikaji Foods) is among the India
Incorporated in 2004, Global Health Limited (GHL) is one of the largest private multi-spec
Incorporated in 1994, Fusion Micro Finance Limited (FML) is one of the youngest companies
Incorporated in 2011, DCX Systems Limited (DSL) is among the leading Indian players in the
Incorporated in 1980, Electronics Mart India Limited (EMIL) is the 4th largest consumer du
Incorporated in 2017, KFin Technologies Limited is a leading technology-driven financial s
Incorporated in 2003, Sula Vineyards Limited is Indias largest wine producer and seller as
Incorporated in 2009, Archean Chemical is a leading specialty marine chemical manufacturer
Incorporated in 1984, Five Star Business Finance Ltd (FSBFL) is an NBFC-ND-SI (Non-Banking
Incorporated in 2008, Kaynes Technology India Limited (KTIL) is a leading end-to end and I
Incorporated in 1995, Bikaji Foods International Limited (Bikaji Foods) is among the India
Incorporated in 2004, Global Health Limited (GHL) is one of the largest private multi-spec
Incorporated in 1994, Fusion Micro Finance Limited (FML) is one of the youngest companies
Incorporated in 2011, DCX Systems Limited (DSL) is among the leading Indian players in the
Incorporated in 1980, Electronics Mart India Limited (EMIL) is the 4th largest consumer du
Incorporated in 2017, KFin Technologies Limited is a leading technology-driven financial s
Incorporated in 2003, Sula Vineyards Limited is Indias largest wine producer and seller as
Incorporated in 2009, Archean Chemical is a leading specialty marine chemical manufacturer
Incorporated in 1984, Five Star Business Finance Ltd (FSBFL) is an NBFC-ND-SI (Non-Banking
Incorporated in 2008, Kaynes Technology India Limited (KTIL) is a leading end-to end and I
Incorporated in 1995, Bikaji Foods International Limited (Bikaji Foods) is among the India
Incorporated in 2004, Global Health Limited (GHL) is one of the largest private multi-spec
Incorporated in 1994, Fusion Micro Finance Limited (FML) is one of the youngest companies
Incorporated in 2011, DCX Systems Limited (DSL) is among the leading Indian players in the
Incorporated in 1980, Electronics Mart India Limited (EMIL) is the 4th largest consumer du
