Yes,
@Jetha Lal bhai, u are right.
My dividend adjusted cost in Persistent is 0.
And had similar experience in many other IPOs like Dixon, Happiest Minds, TeamLease, Zomato, Latent View, MTAR, Paras Defence, BDL, Route Mobile, Laurus Labs, Alkem Labs, AU SFB, RITES, IRFC, Railtel, HUDCO, IRB, BSE, IEX, Cairns/Vedanta, Mrs Bector, Shree Pushkar, NHPC, SJVN, PFC, REC, Power Grid, Power Mech, Narayana, Sona BLW, Endurance, EIL, Equitas SFB, L&TFH, Wonderla, KBC Global (now in doldrums though) and more recent ones like Adani Wilmar, Craftsman, Rolex Rings, Hariom Pipe, Rainbow Children, KIMS, Kaynes, Syrma SGS, Archean, Medanta, Anand Rathi, Avalon, Divgi, Mankind, Concord, Zaggle, RR Kabel, and now, God willing, JSW Infra too.
Frankly, when I invested in Persistent IPO, I hardly understood valuations or fundamentals compared to today. But, whatever little I understood, it screamed to me that this can become poor man's Infosys. The rest, as they say, is history. Bhaav bhagwan chhe.