At the upper price band of Rs. 237, the issue is priced at P/BV of 5.78x at NAV of Rs.40.99. if we annualize FY23 earnings, then the asking price is at P/E 8x. The industry average P/E is 24.04x. The issue seems reasonably priced when compared to peers which have a trading range of 10.80x to 45.92x.