Ujjivan Small Finance Bank (USFB) Limited IPO

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(i) They are a mass-market focused SFB in India, catering to unserved and underserved segments and committed to building financial inclusion in the country. The Promoter, UFSL commenced operations as an NBFC in 2005 with the mission to provide a full range of financial services to the ‘economically active poor’ who were not adequately served by financial institutions.

(ii) UFSL’s erstwhile business was primarily based on the joint liability group-lending model for providing collateral-free, small ticket-size loans to economically active poor women. UFSL also offered individual loans to Micro and Small Enterprises (“MSEs”) and adopted an integrated approach to lending, which combined a customer touchpoint similar to microfinance, with the technology infrastructure and related back-end support functions similar to that of a retail bank.

(iii) As of June 30, 2019, they operated from 474 Banking Outlets that included 120 Banking Outlets in URCs (of which seven were business correspondent centers) and additionally operated 50 Asset Centres. As of June 30, 2019, they operated 96, 152, 157 and 69 Banking Outlets (including in URCs) in the North, South, East and West regions, respectively.

(iii) On October 7, 2015, UFSL received RBI In-Principle Approval to establish an SFB, following which it incorporated Ujjivan Small Finance Bank Limited as a wholly-owned subsidiary. UFSL, subsequent to obtaining RBI Final Approval on November 11, 2016, transferred its business undertaking comprising of lending and financing business to Small Finance Bank, which commenced its operations from February 1, 2017.

Now as per the RBI mandatory listing requirement, the small finance bank is coming up with an IPO.

Ujjivan Small Finance Bank (USFB) Limited IPO Stock Quote & Charts



  • Open: 55.70
  • High - Low: 56.40 - 55.50
  • Previous Close: 55.50
  • Total Traded Volume: 228497
  • Updated On: 31-Jan-2020

Objects of the Ujjivan Small Finance Bank (USFB) Limited IPO:

In terms of the RBI In-Principle Approval, RBI Final Approval, and SFB Licensing Guidelines, the Bank is required to list its Equity Shares on the Stock Exchanges within three years from the date of commencement of business by the Bank, i.e., January 31, 2020. The bank will use funds from the Issue towards augmenting Bank’s Tier – 1 capital base to meet Bank’s future capital requirements. The expected issue size is ~ 1200 cr.

Ujjivan Small Finance Bank (USFB) Limited IPO Details:

Open Date: Dec 02 2019
Close Date: Dec 04 2019
Total Shares: 20.27 Crores
Face Value: ₹ 10 Per Equity Share
Issue Type: 100% Book Building
Issue Size: 750 Crores Cr.
Lot Size: 400 Shares
Issue Price: ₹ 36-37 Per Equity Share
Listing At: NSE,BSE
Listing Date: Dec 12 2019

Promoters And Management:

Ujjivan Financial Services Limited (UFSL) is the promoter of the company.

Company Business:

The Ujjivan Small Finance Bank (USFB) portfolio consist of the following services: (i) Loans to the micro banking customers that include group loans and individual loans. (ii) Agriculture allied loans. (iii) MSE loans. (iv) affordable housing loans. (v) financial institutions group loans. (vi) personal loans. (vii) vehicle loans. On the liability side, they offer savings accounts, current accounts and a variety of deposit accounts. In addition, they also provide non-credit offerings comprising ATM-cum-debit cards, Aadhaar enrolment services, distribute third-party insurance products and point of sales (“POS”) terminals.

Financials of Ujjivan Small Finance Bank (USFB) Limited IPO:

Particulars  ( in Crs) 3MFY20 FY18-19 FY17-18
Deposits 7956 7379 3772
Net Advances 11327 10552 7336
Net Interest Income (NII) 352 1106 861
Non-Interest Income 100 205 111
Operating Profit/(Loss) 161 309 319
Provisions and Contingencies (Other than tax) 66.7 109 312
Net Profit /(Loss) 94.4 199.2 6.8
Key Performance Indicators
Earnings per share 0.66 1.2 0.05
Equity and Preference Shares 164 164 164
Book value per share 11.67 11.09 10
Net Interest Margin% 10.51% 10.93% 10.31%
Cost-Income Ratio% 64.37% 76.54% 95.53%

Comparison With Peers:

AU Small Finance Bank is the listed peer of Ujjivan Small Finance bank. Let us compare both and see how AU Small has performed in the last year and how much it is valued now?
 Parameter(Crores) Ujjivan Small Finance Bank AU Small Finance Bank
Deposits 7379 19422
Net Advances 10552 22818
Net Interest Income (NII) 1106 1190
Non-Interest Income 205 462
Operating Profit/(Loss) 309 722
Provisions and Contingencies (Other than tax) 109 142
Net Profit /(Loss) 199.2 381
Book value per share 11.09 108.28
P/B 3.3x 7.6x
1. FY18-19 financials have been taken for comparison. 2. AU Small Finance Bank has given approximately 47% return in the last one year. 3.  Ujjivan Small Finance Bank has a total AUM of Rs.10552 Crores and AU Small Fin bank has AUM of Rs. 22818 Crores,  which is almost double. 4.  The Valuation of AU Small Fin bank based on FY18-19 numbers is ~2x costly than Ujjivan Small Fin Bank.

Recommendation on Ujjivan Small Finance Bank (USFB) Limited IPO:

Review and Recommendation of InvestorZone is: 5/10 The valuation of Ujjivan Small Finance Bank at an Issue price of Rs.37 looks undervalued as compared to its peer. The Pre-IPO is also done at Rs.35. The GMP activity is also suggesting a very good listing.

Lead Manager of Ujjivan Small Finance Bank (USFB) Limited IPO:

  1. JM Financial Consultants Private Limited
  2. Kotak Mahindra Capital Company Limited

Registrar of Ujjivan Small Finance Bank (USFB) Limited IPO:

  1. Karvy Computershare Private Limited

Bid Details of Ujjivan Small Finance Bank (USFB) Limited IPO as on
04-Dec-2019 22:30:01 IST

No.of shares offered No. of shares bid No. of total times
56,250,000 6,228,032,000 110.72
28,125,000 13,303,196,800 473.00
18,750,000 920,516,800 49.09
- 20,148,400 -
20,833,333 66,142,000 3.17
123,958,333 20,538,036,000 165.68
No.of shares offered No. of shares bid No. of total times
56,250,000 4,129,905,200 73.42
28,125,000 8,116,354,400 288.58
18,750,000 652,544,800 34.80
- - -
20,833,333 66,142,000 3.17
123,958,333 12,964,946,400 104.59
No.of shares offered No. of shares bid No. of total times
56,250,000 2,098,126,800 37.30
28,125,000 5,186,842,400 184.42
18,750,000 267,972,000 14.29
20,833,333 20,148,400 0.97
- - -
123,958,333 7,573,089,600 61.09

Total Number of Applications in Retail Category: ~1647003

Application-wise Subscription in Retail Category: 36.11X

Discussion on Ujjivan Small Finance Bank (USFB) Limited IPO:


    prince pipes ipo oppen 18/12/2019 closed20/12/2019price band&lot will be declared 2 dayago issue opens

      There is some unconfirmed news about “Prince Pipes and Fittings IPO” to be issued from “18 Dec 2019 to 20 Dec 2019”


      But beware incase if the information about Pipes IPO turns out to be true , before applying for it, BE CAUTIOUS there is not much revenue in the company recently , so proceed with caution when applying for Pipes IPO incase the Pipes IPO information becomes true

      MY VIEW IS TO NOT APPLY FOR IT because of weak REVENUE

    *Ujjivan IPO Update:*

    Listing on December 12, 2019,

    Scrip Code : 542904
    Symbol : UJJIVANSFB
    ISIN No.: INE551W01018


    Heard on street that Ghosh Family is Selling Huge in Ujjivan and Hence Calcutta People has spoiled the Momentum.

    They just want Retail and HNIs to suck and make loss.

      Who is this Ghosh family from Calcutta?

      STILL I guess we can’t complain since it’s ART OF TRADING

    Prince Pipes & Fittings IPO – Issue Information *(Tentative)*

    Issue Opens on: 17 December 2019
    Issue Closes on: 19 December 2019
    Issue Type: Book Built Issue IPO
    Issue Size: 30,00,000 Shares
    Face Value: Rs.10/- per Share
    Issue Price: Rs.188 – Rs.200 per Share *(Tentative)*
    Discount: Rs.NIL /-
    Market Lot: 75 Shares
    Listing At: NSE, BSE

    Equity Shares outstanding prior to the Issue = 9,00,15,816 Shares
    Offer for Sale of 1,00,00,000 @200/- = Rs.200Crs
    Fresh Issue of 2,00,00,000 @200/- = Rs.400.00Crs
    Equity Shares outstanding after the Issue = 11,00,15,816 Shares

    Category-wise Break up:
    Anchor – 90,00,000 Shares = 180Crs
    QIB – 60,00,000 Shares = 120Crs
    NII – 45,00,000 Shares = 90Crs
    RII – 1,05,00,000 Shares = 210Crs (Lot size: 75 = 1,40,000 Forms)
    Total Issue – 3,00,00,000 Shares = 600Crs.

    Subscription required for 1X
    RII = 1,40,000 Forms
    NII = 90Crs

      There is some unconfirmed news about “Prince Pipes and Fittings IPO” to be issued from “18 Dec 2019 to 20 Dec 2019”


      But beware incase if the information about Pipes IPO turns out to be true , before applying for it, BE CAUTIOUS there is not much revenue in the company recently , so proceed with caution when applying for Pipes IPO incase the Pipes IPO information becomes true

      MY VIEW IS TO NOT APPLY FOR IT because of weak REVENUE

    i applied from 4 cdsl nd 1 nsdl demat account. cdsl money is released from blocking but nsdl account money not unblocked. what i do anybody have same problem. plzz suggest me

    I have applied 5 application from 1 bank account through net banking.
    so, this could be result in non allocation? or by any manner is it reduce chances of allocation?

      You must apply one application from one account.. If joint account two should be apply.

    0/1 x4 in retail.
    I heard that people applied via upi got better allotments.
    Also historically I have seen very poor allotment in zerodha accounts.

    *Ujjivan Shareholders quota allotment*

    Shareholder Quota
    Application : Firm allotment
    400 : 400
    800 : 417
    1200 : 435
    1600 : 452
    2000 : 469
    2400 : 487
    2800 : 507
    3200 : 521
    3600 : 539
    4000 : 556
    4400 : 573
    4800 : 590
    5200 : 608
    5600 : 625

      I told from the start a retail investor must apply 12 lot from shareholder quota and 1 lot from retail.

        Why should Retail Investor not apply for full 14 lots and apply just 12 lots. Ujjivan even came with corrigendum that removed 2 lakh combined limit for Shareholder and Retail. Retail investor who is a shareholder could have theoretically applied for 14 lots in Retail and 14 lots in Shareholder Quota. Smarter people would have only applied 14 lots in Shareholder and 1 lot in retail.

    24 25 @Rajkot

    Listing Expected 68~74 Zone

    Think over selling 60% Allotted shares on listing day.
    Rest keep Holding
    Last Examples were Polycab Affle Irctc Spandhan Credit Bank Dmart Endurance Metropolis.

    Hold this Gem For Some time.
    Those allotted must hold IPO shares ..Best Investment Opportunities. SL 42

    ujjivan ipo amount started been debited from bank account first share holder quota debited then retail application debit

    Final HNI oversubscription = 473.3342 times

    Hence, HNI Costing

    Considering ROI @7.5%
    = 25.19

    Considering ROI @8%
    = 26.87

    Ujjivan basis :
    Hni ~ 473 times
    Retail- 1102 : 35
    Shareholders 400 shares firm & 5600 shares – 625 shares
    Qib ~ 119.83 times
    Amount unblocked : 10-12-19
    Listing : 12-12-19

    625share allotment in shareholders in 2lakh application

    It’s only rumors about shareholder category.
    No one can give perfect idea.
    Tomorrow we all know when basis of allotment out

    market wizard
    good mornig pls clear fictaion
    market wizard
    good mornig
    pls clear share holdre app calculationallotment who apply by lot wise &psiibale allotment share

    *Shareholder Category*

    Valid Applications under Shareholder Category are around 40000~42500.
    Those who applied 5600 Might Get 700 shares
    Those applied 800 will get 30 40 extra shares.
    Monday Allotment will come.

    [07/12, 3:54 PM] DEEPANGEORGE: let’s keep an eye on our ASBA bank accounts from time to time (check balances regularly for today and tomorrow) and see if the money is released , there might be case like CSB shares, where the case of earlier release of amount in our ASBA bank accounts happened
    [07/12, 3:55 PM] DEEPANGEORGE: If anything happened like that anyone here , update info in this group guys/girls

    listing date mentioned above is 11 dec.
    but on other websites its showing 12…clarify plz

    Total Applications Retail 1644359
    Total Application Shareholder 53556

    So one lot is almost certain for shareholder quota.

      Yes, Those shareholders who have applied more than 4 lots would be happier lot. Those who have applied just 1 lot would have 1/4 Chance of allotment. Those who applied 2 lots have 2/4 or 50 percent chance of allotment. Those, who applied max lots may get 3.5 lots or about 1400 shares.

        Oops, Allotment in Shareholder quota also takes applications into account. So everyone will get 1 lot in Shareholder quota.

    How many have applied under shareholder quota?

    Please give feedback.

    Shareholders might get good chunk of shares.

    Forwarded as received.

    Shareholder quota 39873 application at 12.45

      it seems that Shareholder quota is going to receive more than 60,000 apps. Even this IPO is subscribed 50 times and close to 40 times in retail. This is just mad rush.

    If I buy 1 share of SBI today will I be eligible to apply in share holders quota of SBI cards???

    Shareholder quota application 31454 at 11 am.

    Total shareholder quota is 75 crores

    Size of one app is 35*400= 14000

    Total App in Shareholder quota = ~54000.

    Let us see how it folds till evening.

    What if I have applied two application in retail category with same PAN as the first application is filled with wrong demat account number….??

    What are the number of shares to be applied for in HNI category???
    Can anyone help????

    Hi MW,
    I was reading some where In RHP mentioned :
    “In case of ASBA Bidders, do not submit more than one ASBA Forms per ASBA Account

    Can we really apply In both categories shareholders and RII ?

    I’m not getting the discount of RS.2 when I’m trying to apply, the amount is shown as 14,800. I’m an existing shareholder, can somebody please tell me how to avail the discount.

    Can someone advise me what to do?
    I applied for the IPO and got a mandate in BHIM app for the same. I approved the mandate. My bank sent me a message saying the mandate has been created and amount is blocked. However, the BHIM app showed mandate failed.

    Whom should i contact to get this sorted? What will happen to the blocked amount and my IPO application? Can someone advise me what to do now?

      You can follow up with your broker or bank. But beyond uploading to exchange and checking the status from exchange, they are helpless. The UPI system is beyond them.

        Thank you for that. You are right, the bank customer care are clueless and the worst part was the customer care person not understanding what is the mandate all about. I’ve to contact my broker tomorrow. Hopefully either my application is accepted or rejected and the amount is unblocked automatically by the UPI system.

    Looking to about 2.08 crore shares available for reported to be about 1 lakh shareholders of Ujjivan Finance, how much shares one should apply as on an average only 200 shares are available per shareholder?
    I was holding shares of Ujjivan Finance as on 22.11.2019 but sold later, will I still be eligible for shares of Ujjivan Bank in shareholders quota?

      Rakesh, if you have money, then apply 1 lot in retail and remaining lots in shareholder quota. The sum of lots should be less than 2 lakh.

      The second query answer is, Yes, you are eligible. The company will check who was eligible on 22.11.2019. You must have got e-mail as well from the company.

      Issue is oversubscribed already almost 7 and 8 times. Thus Retail would be lottery, remember there are 2 more days to go Retail can have even more subscription. It looks like even shareholders quota is going to be oversubscribed.

    Hi WM,

    In shareholder’s category, allotment is propotional based or normal way how RII works?

    If its proportional based, We need top applly fully, Then only we will get more lots.
    if we apply only 4 lots, We may get only 2
    But if we apply for 13 lots, We can get more than 2 is this right ?

      The portion of the Issue being up to ₹75 Crores, available for allocation to Eligible UFSL Shareholders Bidding in the UFSL Shareholder Reservation Portion, on a proportionate basis.

      Further, a discount of ₹[2] per Equity Share is being offered to Eligible UFSL Shareholders Bidding in the UFSL Shareholder Reservation Portion in accordance with the SEBI ICDR Regulations and details of which will be announced at least two Working Days prior to the Bid/ Issue Opening Date.

        Applying 2L in a single account is equal to apply for 1L and 1L in 2 differnt (PAN is also different) accounts is also same ?

          from one PAN number, apply with the below calculation:

          1. retail investors can apply up to 2,00,000.

          2. Lot Size is 400 and the Price is 37.

          3. So 2,00,000/37= 5405 shares or 13 lots.

          4. Apply 12 lots from shareholder quota and 1 lot from retail.

    @ Market Wizard sir.. If I will buy 1 share of ujjivan financial on Monday and apply for 1 lot on Wednesday will they consider me as a sharehikder and allocate me share at 35/-
    Any idea what exactly they mean by 2/- discount for shareholders?

    Since it is already known that this IPO will be oversubscribed and chances of allotment are less, so does it make sense to buy it after listing for further gains like IRCTC IPO ?

    Exactly my thoughts. We are here to get some help and help each other not promote some thing

    MW Sir, I am very new to IPO. I have never participated in IPO. I have a Demat A/c in ICICI Bank linked with my SB A/c in the same branch. I want to participate in USFB IPO Issue. Request to guide me as to how to proceed?
    Thanks in advance to all.

    ujjinan share holder apply 14time becouse rate35 rs per share 5600×35=196000
    share hoder qouta rs 2 per share discount


    1. Net-worth as on 30.09.2019 = 1993 Crores

    2. Issued 14,055,097 Equity Shares at Rs.35 per share on 11-11-2019, thereby raised ~50 Crores.

    3. Issued 71,428,570 Equity Shares at Rs.35 per share on 13.11.2019, thereby raised ~250 Crores.

    4. Issuing 20,27,02,702 Equity Shares at Rs.37 per share thereby will raise ~750 Crores.

    5. Net-Worth of Ujjivan Small Fin Bank post-issue would be ~ 3043 Crores.

    6. Outstanding Shares Post-Issue would be 1,92,82,23,170

    7. Book Value Post issue = 3043/192= 15.78

    8. P/B multiple = 37/15.78= 2.34x

    Total Issue Size was 1000 Cr.

    (i) Ujjivan Small Finance Bank has done Pre-IPO placement of 250 Crores. The Pre-IPO placement has been done at Rs. 35 per share.

    (ii) Now the remaining 750 Crores are up for grab by QIBs, HNIs, Retail Investors and Shareholders.

    (iii) Shareholders have a separate quota of 75 Crores.

    So finally Rs. 675 Crores is left for QIBs, HNIs and Retail.

    💡 *SBI Cards & Payment Services Ltd. filed DRHP today*

    **Fresh Issue: Up to INR5,000mn
    **Offer for sale: Up to 130,526,798 shares
    **Selling Shareholders: State Bank of India & Carlyle (CA Rover Holdings)

    **Employee Reservation: Up to 1,864,669 shares
    **SBI Shareholder Reservation: Up to 13,052,680 shares

    **IPO Structure:*
    **Qualified Institutional Buyer (QIB): Maximum 50%
    **Retail investor: Minimum 35%
    **Non-institutional investor: Minimum 15%

    **Nomura is Joint Bookrunning Lead Manager*

    I have 1400 shares of
    Ujjivan FSL. How i should apply for IPO in share holder quota with how much amount to avail max. Benefits.

    For Ujjivan Shareholders:

    Apply 1 app from retail quota and rest from the shareholder quota.

    The size of 1 app is 400*37= Rs. 14,800

    So max. app retail investors can apply is 13.

    So apply 1 app from the Retail account and 12 apps from shareholder quota.

      Retail discount Rs 2
      So,price Rs 35
      400*35=14000 per application.
      So apply in shareholder quota 13
      Sir, right or wrong please reply

    Shareholders can apply one app from retail quota and one from shareholder quota.

    Rs. 2 discount for shareholders which means 5.40% listing gain already for them.

    A total of 75 Crores is reserved for shareholders out of 675 Crores.

      Which is better application in share holder … minimum amount application or 2 lac amount application?

    Rs.2/- Discount for Ujjivan Financial Services Limited Shareholders.
    Cut off Date For Shareholder’s Quota: 22nd Nov (RHP Date)
    i.e. you must have UFSL Shares in your CDSL/NSDL account on 22nd Nov.
    45608 Retail Lots Approx
    53571 UFSL shareholders lots Approx.

    Hi, this is to inform to you that, the Ujjivan Small Finance Bank IPO Press Conference scheduled for Tuesday, Nov 26, 2019 at Trident, Nariman Point has been postponed due to unforeseen circumstances. You will be informed of the PC revised date at the earliest.
    Apologies for this inconvenience caused to you.



    Size: 675 CR+ 75 CR Shareholder Cat.

    PB: 35 37

    Lot size 400 and ….

    Shareholder Category
    75 CR

    I See 52.5 K Applications
    Applying 2 lacs in Sh. Category is waste of time.

    I think Apply for 1 Lot or 2 Lot

    Premium Good Volume 12.5~13 @ Rajkot

    USFB will be a Good Bet.
    Listing Expected 50+

    Sh. Category Discount Likely to Be Re 1.

    Share Holder Category
    First Minimum Lot of 400 shares Will Be Given, thereafter Remaining Shares in Proportion Basis.

    IPO Size 750 CR

    Retail 10% ie 67.5 CR

    Shareholder Portion 10% 75 CR

    PRICE 35 ~ 37

    Date Likely 2nd Dec or 29 Nov

    Company Placed PREIPO @35 to
    Bhansali Group

    Retail Discount NIL
    Shareholder Discount Re 1
    Cut off Date: 22 Nov 2019

      Nice info, just 1 doubt can we apply in both retail and shareholder category at the same time? Will it be accepted or disqualified?

      Are you sure it’s alright? Mostly what they said is shareholder allotment has more priority for successful allotment but didn’t said multiple bids on different categories (retail + shareholder) are alright

      Are you sure?


    I’m holding 1 share of Ujjiban Financial Services since last 8 Months.
    Can you plz let me know how to participate in share holders category

    And how much can I apply?

    Am I eligible in retail category as well ?

      Yes, we will update the same once the price band and RHP are available.

    💡 *Ujjivan SFB IPO -* Market’s Current Estimates of oversubscription:

    *RII = 10.00L Forms = 13.70X Applic. wise* (Avg allotment of ~29.19 shares per lot)👈🏻👈🏻👈🏻

    NII = 25.0K Crs. = ~154.32X

    Interest cost @8.00%p.a. for 7days = 5.68paise for 1X

    Thus, for NII the costing = 154.32 X 5.68paise = Rs.8.76 per share (= GMP)

    And, for RII the costing = 29.19 X 8.76 = Rs. ~548/- (= Kostak)


    *Ujjivan SFB IPO-*

    *GMP 9 +/- 1*



    A good Bank but is Still Young to Hold.
    Its a Great Bank Team Putting hard Efforts and so is must a portfolio company.


    The bank Had A Pre IPO Round in which it failed to attract Investors mainly DII or FII.
    Hence one might have to opt for wait and Watch Scenario.

    Bank than alloted shares to some of the Big HNIs eg. Bhansali Group

    I am afraid to say that No single Institutions came to buy at 35/-
    This private placement can take bank to new high or low is a mystery.

      The bank Had A Pre IPO Round in which it failed to attract Investors mainly DII or FII.?????

      So wait and watch is the best option to apply this IPO?

    Lol it’s you the spammer spamming everywhere in the internet with your referral Code,

    Misusing Code to get your personal income from others opening account using your reference, damn you fraud

    Dear all
    Don’t get trapped by this fraudster

    Lol it’s you the spammer spamming everywhere in the internet with your referral Code,

    Misusing Code to get your personal income from others opening account using your reference, damn you fraud

    Dear all
    Don’t get trapped by this fraudster

    After getting a small finance bank license in 2017, Ujjivan Financial Services is now just the holding company and all the business are with Ujjivan Small Finance bank. So once the Ujjivan Small Finance bank gets listed, there is hardly any interest left in Ujjivan Financial Services.

      *Ujjivan SFB*

      On 31st March 2019
      Total Share 144.06 Cr.

      Nav 13.76

      EV 1976 Cr.

      Profit for Yr. 375 Cr.

      Plus IPO of 1200 Cr

      So Ev+Profit+IPO Proceeds

      Therefore Ev 3551 as on 31st March 2020

      New Nav Post IPO is 19.76

      Therefore Issue is Coming at 1.75 X its Book@35 PB

      Its Cheapest in SFB Group
      As Avg Price in this Segment is 3-4X

      * Price Assume 35 for IPO
      * calculation Includes Pre IPO 250 Cr. Proceed

      PEERS trades at
      AU 7.89X
      Credit 5.66X

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