Couldn't post due to some work. Will highlight key points.
Keeping the high ask price aside for once, the bet is on management here and their phase to roll out SD Retail into a much known brand. They are above gender biasness for sleepwear which is not a prevalent thing in India yet. The NCLT case they have may can be settled outside court, amount is still close to 6 cr so other than some damage to repute there is not much in it. The trademark issue is between different classes and its effect on brand name will be limited as per the RHP. Since the brand outlets get rolled out fully by FY26, short term surprise is limited given the valuations but medium term to long term is a good bet imo.
Keeping in mind the above, i have applied.
@Krishnaji