@Nmanoff ROA is not the only aspect. Getting close to 2% is their assumed short term target, which would aid expansion. Their valuations are reasonable and not over-priced even with the 99% secured loan book and minimum write-offs they highlighted, probably because despite that their Net NPA is not lower as expected.
Still, the management has hinted to expand beyond Punjab into the middle class segment where the seek more opportunities. Cost of funds is moderate and not on the higher end. Their concentration is what hampers their growth.
This issue was never for listing gains, as valuations were inline with industry standards. Though surprises can happen and listing might surprise as well.