IndSec - Tata Technologies IPO Note

At the upper price band, Tata Technologies is valued at 28.3x P/E on a TTM basis. The issue is attractively priced (compared to peers) with enough room for upside. We have a “Subscribe” rating to the issue on the back of (1) Strong Promoter and Management pedigree (2) Immense knowledge and experience in the Automotive Sector (3) Exposure to high-growth sectors like Aerospace and Transportation and Construction Heavy Machinery (4) Global Footprint with balanced talent presence (onshore-offshore) (5) Long-standing client relationships.