Indian IPO to Watch

India’s largest mining company, one Cramer says has “steroidal growth,” should be trading in the U.S. soon.

Sterlite Industries is a major player in copper and zinc, but also has exposure to aluminum. It owns 65% of Hindustan Zinc Limited, which is one part of India’s zinc duopoly, and it plans to buy up the rest of the company with the proceeds from the IPO. It also has a whopping 42% market share in copper smelting.

Using Lundin Mining , Xstrata, Teck Cominco and Zinifex as comps, Cramer figures this stock could be worth anywhere from $13 and change to $21 and change, with the high end being more likely. He recommends buying in under $13.50 and selling when it passes $20. Do some trades with Merrill Lynch, Morgan Stanley or Citigroup if you want in on the offering.

This doesn’t mean he’s backing away from Lundin Mining, though. He just wants the takeover it’s doing to close before he gets enthusiastic again.

Bottom Line: If you want speculation, if you want India, try Sterlite, ticker SLT, when its stock starts trading in this country.

Questions? Comments? madmoney@cnbc.com

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