28 May 08 RITES IPO gets CRISIL IPO Grade 3

RITES IPO has been assigned a CRISIL IPO Grade of 3 out of the maximum 5. CRISIL is one of the four Indian credit rating agencies which has been permitted to grade IPO’s. An IPO grade of 3 means that the fundamentals of RITES Ltd are in line with those of other Indian listed companies across all sectors. The grading however does not have anything to do with the pricing of the IPO which makes IPO grading pretty useless. Wouldn’t it be better to buy shares of a company with average fundamentals at a rock bottom price rather than buy shares of a company with excellent fundamentals at a very expesnive valuation?

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