At the upper end of the price band, AIL is valued at PE
multiple of 37.1x of FY19 EPS. AIL has no listed peers in India. International peers
such as Trade Desk and Criteo trades at 129 & 14 PE respectively. Considering
the inherent risk in the business, we have a NEUTRAL view. Investors with
high risk appetite and short term view can subscribe to the issue for listing

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