On the block is a fresh issue of Rs 375 crore and an offer for sale of 2.26 crore equity shares worth Rs 960.74 crore from shareholders and promoters. The promoters, Bhanu Chopra, Megha Chopra and Usha Chopra, will offload 54.91 lakh equity shares, while investor Wagner will offload 1.71 crore equity shares through OFS.
The company is selling its shares in the range of Rs 405-425 apiece under the three-day book-building process. Subscriptions are open till Thursday, December 9.
At the upper end of the price band, the company is available at a price-to-book (P/B) value of 16.04 times in FY2021. The company has no listed peers but analysts are flagging the pricey valuation. Also, the company has been reporting losses for the previous two financial years, thanks to the adverse effects of the Covid-19 pandemic. Any negative Covid-19-related news flow is a…