Technology

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.

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