@Tejas Pandya I'm reasonably bullish. Nothing in my analysis is suggesting this will list at discount and I can only see 10%+ upside (at or immediately after listing)
Growth rates is in line across several of it's hospital peers (Shalby, Kims, Jupiter etc) - 18% YoY growth when comparing H1'23 to H1'24 (best info we have). Shalby is the weakest of the peers (also focused on smaller cities), and even it is 20% more expensive. There is still known growth left (15% upside on occupancy, some growth in ARPOB, 2 new hotels giving 200 Cr topline in 5 years), plus upside on bottomline (EBITDA improvement with occupancy, marginal debt reduction etc.).
How much market will discount because of low ARPOB due to NE market paying potential (and implied lower EBITDA) is the only pricing risk but it shouldn't be cheaper than Shalby. Will mostly apply to secure 1 or 2 HNI lots if subscription allows it but will still wait to see QIB subs.