Asking valuation cheap considering huge capacity, debts reasonable (considering the 500L taken after balance sheet date) with lions share from promoters. IPO proceeds going for working capital, which is expected given huge capacity available. Strange way to put financials. Good geographical presence and will shift to main board in no time. Monitor related parties transactions post listing. Management compensation LOW I feel given it's size. Overall, I find this very interesting IPO worth considering.
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Didn't read DRHP properly but only RHP. So, take my opinion with a pinch of salt.