Based on FY2020 earnings the IPO is priced at a PE of 42X at the upper end of the price band along with a good ROE of 16.4%. The company is the largest manufacturer of ethyl acetate with over 30% market share in the Indian ethyl acetate market and the only manufacturer of diketene derivatives in India with a diversified customer base. Looking at the competitive advantage and strong growth potential we are assigning a “SUBSCRIBE” recommendation to the issue.
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