On the upper end of the price band, the issue is valued at a P/E of 24.0x based on FY2022 earnings which we feel is richly valued. It is also interesting to note that Rs. 330 crores of the issue size is an OFS. In terms of listing gains, we recommend an “Avoid” rating for the issue . Following a moderation in valuation going forward, we will revisit the company to take a long term perspective on the business.