SRS Ltd - Update on New Issue

SRS Ltd has announced a price band of Rs 58-65. As per our analysis, the company’s fair valuation should be in the region of Rs 25 per share (please refer to our latest issue, dated August 15-28, 2011). We strongly believe that the price that the company is asking for is too high and not justifiable. We suggest that our readers avoid the IPO of SRS.