There are no listed peers for the Company in India.
Management has till now infused only RS.6 lakhs capital in the Company, and it will
command a market cap of Rs.1990 crores at the higher price band. This shows that
it is a scalable business model, which can grow without capital infusion. Unlike
many other businesses, Covid-19 has led to better growth prospects for the
Company given increased adoption of digital technologies. At the upper end of
the price band, Company demands PE multiple of 25.3x on F.Y.20 EPS, which we
believe is quite reasonable considering the future prospects of the Company. As
we are positive on the future outlook for the industry as well as the Company, we
would recommend to “Subscribe” to the issue for long term as well as for listing
gains.
