Overview

• The book-built issue will run from Aug. 19 to 21, with allotment on Aug. 22, refunds on Aug. 25 and tentative listing on BSE and NSE on Aug. 26.
• The Rs 451.25 crore offer includes a fresh issue of 54 lakh shares worth Rs 175 crore and an 85 lakh‐share offer-for-sale valued at Rs 276.25 crore, managed by Motilal Oswal and KFin Technologies.
• InvestorGain’s Aug. 18 grey market data shows a Rs 35 premium to the upper band, implying a theoretical listing price of about Rs 360 and an upside of roughly 10.8%, though this remains unofficial.
• Net proceeds will largely go toward repaying borrowings of the company and its subsidiary, with the balance earmarked for general corporate purposes.
• Anand Rathi values the issue at about 31.8 times FY25 earnings and recommends a long-term subscribe despite noting high revenue concentration in top customers and mint derivatives along with ongoing Supreme Court land litigation.