Mopshop Distribution
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 0.18×
- Retail individualRII · up to ₹2 lakh
- 2.82×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 13 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 26 Aug 2026 | ₹1 | +0.72% | ₹800 | ₹139 | ₹1,000 |
| 25 Aug 2026 | ₹1 | +0.72% | ₹800 | ₹139 | ₹1,000 |
| 24 Aug 2026 | ₹1 | +0.72% | ₹800 | ₹139 | ₹1,000 |
| 23 Aug 2026 | ₹1 | +0.72% | ₹800 | ₹139 | ₹1,000 |
| 22 Aug 2026 | ₹1 | +0.72% | ₹800 | ₹139 | ₹1,000 |
| 21 Aug 2026 | ₹1 | +0.72% | ₹800 | ₹139 | ₹1,000 |
| 20 Aug 2026 | ₹1 | +0.72% | ₹800 | ₹139 | ₹1,000 |
| 19 Aug 2026 | ₹5 | +3.62% | ₹3,800 | ₹143 | ₹5,000 |
| 18 Aug 2026 | ₹22 | +15.94% | ₹16,700 | ₹160 | ₹22,000 |
| 17 Aug 2026 | ₹18 | +13.04% | ₹13,700 | ₹156 | ₹18,000 |
| 16 Aug 2026 | ₹10 | +7.25% | ₹7,600 | ₹148 | ₹10,000 |
| 15 Aug 2026 | ₹10 | +7.25% | ₹7,600 | ₹148 | ₹10,000 |
| 14 Aug 2026 | ₹10 | +7.25% | ₹7,600 | ₹148 | ₹10,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Non-institutional | 9,38,000 | 2,54,000 | ₹3.51 Cr | 0.27× |
| Retail individual | 9,38,000 | 27,30,000 | ₹37.67 Cr | 2.91× |
| Total | 18,76,000 | 29,78,000 | ₹41.10 Cr | 1.59× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 21 Aug, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 19 Aug 2026 – 21 Aug 2026
- Listing date
- 26 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹138
- Issue price
- ₹138 per share
- Lot size
- 1,000 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹27.26 Cr
- Fresh issue
- ₹20.71 Cr 15,01,000 shares
- Offer for sale
- ₹5.18 Cr 3,75,000 shares
- Market cap at offer price
- ₹99.36 Cr
- Promoter holding
- 99.99% → 72.57% pre-issue → post-issue
- ISIN
- INE2F5H01015
- CIN
- U51909MH2018PLC310403
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Khandwala Securities Ltd.
- Registered office
- Gala No. C/7, Sagar Industrial Estate 1, Near Parabwa Chinchoti, Kol., Vasai Palghar, Thane- 401208, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | 0.00% | 0.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 9,38,000 | 50.00% | 47.49% |
| bNII > ₹10L · within NII | 9,38,000 | — | 47.49% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 9,38,000 | 50.00% | 47.49% |
| Employee | 0 | — | 0.00% |
| Market maker | 99,000 | — | 5.01% |
| Total issue | 19,75,000 | — | 100.00% |
Net offer to the public of 18,76,000 shares, out of a total issue of 19,75,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,000 shares per lot, in multiples, at ₹138
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,38,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,76,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,66,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,04,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹138 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.21 | 7.84 |
| P/E (×) | 22.22 | 17.60 |
| Price to book (×) | 7.87 | — |
| Market cap | — | ₹99.36 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 51.56%
- ROCE
- 46.00%
- Debt / equity
- 0.76
- PAT margin
- 8.28%
- EBITDA margin
- 14.64%
- NAV per share
- ₹12.11
- Price to book
- 7.87
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY25 | FY24 | FY23 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 42 | 37.86 | 30.02 |
| Revenue from operations | 41.99 | 37.85 | 30.02 |
| Other income | 0.01 | 0.01 | 0 |
| Total expenses | 37.32 | 35.97 | 28.93 |
| Operating profit | 4.68 | 1.89 | 1.09 |
| Operating margin | 11.14% | 4.99% | 3.63% |
| Profit before tax | 4.68 | 1.89 | 1.09 |
| Profit after tax | 3.48 | 1.42 | 0.81 |
| PAT margin | 8.29% | 3.75% | 2.70% |
| Balance sheet | |||
| Total assets | 23.81 | 18.12 | 13.51 |
| Current assets | 22.99 | 17.59 | 13.35 |
| Current liabilities | 16.75 | 14.87 | 12.15 |
| Total liabilities | 17.07 | 15.2 | 12.26 |
| Net worth | 6.74 | 2.92 | 1.25 |
| Current ratio | 1.37× | 1.18× | 1.10× |
| Return on equity | 51.63% | 48.63% | 64.80% |
| Cash flow | |||
| Operating cash flow | 3.95 | -0.5 | -3.28 |
| Investing cash flow | -0.09 | -0.22 | -0.15 |
| Financing cash flow | -2.64 | 1.81 | 3.5 |
| Net cash flow | 1.21 | 1.08 | 0.07 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment of all or a portion of certain outstanding borrowings availed by the Company ₹11.50 Cr
The company proposes to utilize the net proceeds towards repayment of outstanding borrowings from Bank of India to reduce existing borrowings, reduce finance cost, assist in maintaining a favorable debt-equity ratio and enable utilization of internal accruals for further investment in business growth.
2 Purchase of Commercial Vehicles for transportation and logistical purposes ₹2.21 Cr
The company intends to purchase commercial vehicles including carrier trucks and Electric Vehicle tempos to strengthen transportation and logistics capabilities, ensure reliable last-mile connectivity and reduce dependency on third-party transporters across its warehouses.
3 Funding of capital expenditure requirement towards setting up of Rooftop Grid Solar Power Plant ₹1.05 Cr
The company proposes to utilize the proceeds for setting up rooftop grid solar power plant at its warehousing facility located at Vasai, Palghar, Thane to ensure adequate and cost-effective supply of electrical power and reduce electricity costs.
4 General Corporate Purpose —
The company intends to deploy the balance net proceeds for general corporate purposes including strategic initiatives, partnerships, brand building, marketing activities, meeting operating expenses, working capital requirements and other purposes as approved by the Board.
5 Offer related expenses —
The company proposes to utilize a portion of the net proceeds towards meeting various offer related expenses including fees payable to intermediaries, regulatory expenses, listing fees, printing and distribution costs, and other miscellaneous expenses.
2 of 5 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Mopshop Distribution
Mopshop Distribution Limited, incorporated in June 2018 and converted to a public limited company in July 2025, operates as a B2B distributor of facility management supplies. Headquartered in Vasai, Maharashtra, the company serves over 300 active corporate clients across 7,000+ sites monthly through its digital order management platform. The company's product portfolio spans cleaning and hygiene consumables (microfiber cloths, disinfectants, sensor-based dispensers, biodegradable garbage bags, tissue papers, pedal bins, wringer buckets, vacuum cleaners, air fresheners, tool kits), cleaning chemicals, safety equipment, waste management solutions, uniforms, and related facility management supplies. The company generates revenue by supplying these products to facility management companies, banks, IT parks, malls, and corporate establishments, with geographic presence in Maharashtra, Haryana, Gujarat, Karnataka, Telangana, Tamil Nadu, and Madhya Pradesh. In FY25, revenue from operations was ₹4,198.82 lakhs with profit after tax of ₹347.72 lakhs.
Management
Prakash Hakim Singh
MD
Bunty Hakim Singh Gaur
CEO
Anju Prakash Singh
Director
Nilesh Mishra
Director
Vikas Paliwal
Director
Rahul Jain
CEO
Sachin Tripathi
CFO
Mukesh Kumar
COO
Tanaji Mane
Director of Operations
Nitin Tripathi
Director
Strengths
As stated in the offer document
Presence at Multiple Geographical Locations
The company operates warehouses in 7 cities (Ahmedabad, Hyderabad, Bangalore, Gurugram, Chennai, Pune and Indore) with 20,000 sq. ft. warehousing capacity, enabling proximity to clients, scalability of services, standardization and quality control, cost efficiency, and stronger client retention.
Online Order Management Platform
The company has developed a robust digital platform providing end-to-end solutions for order placement, tracking, inventory monitoring, and delivery scheduling, offering clients real-time order status, data-driven insights, and enhanced operational efficiency through automation.
Experienced Promoters
The company's promoters Prakash Hakim Singh and Bunty Hakim Singh Gaur have vast knowledge and experience in supplying facility management supplies, with their understanding of industry requirements and entrepreneurship helping accelerate profitable growth.
Logistics Support
The company provides comprehensive logistics management covering warehousing, inventory handling, last-mile delivery, and distribution support through strategically located facilities across key consumption centers, enabling faster turnaround times and reduced transportation costs.
Risk factors
As stated in the offer document
Customer Dependency and Revenue Concentration Risk
The company operates a B2B platform serving over 300 clients but faces significant customer concentration, with the top 5 clients contributing 27.65% of revenue and top 10 clients representing 40.18% of total revenue for FY25. Loss of major facility management customers or reduction in order frequency could materially impact revenue and profitability.
Single Product Category Dependency Risk
The company generates majority of its revenue from cleaning tools and hygiene consumables across 11 product verticals. Any underperformance, reduced demand, or increased competition in this single category could disproportionately impact overall financial results and business performance.
Geographic Revenue Concentration Risk
The company demonstrates significant geographic concentration with Maharashtra contributing ₹2,803.55 lakhs (66.77%) of total revenue of ₹4,198.82 lakhs in FY25, followed by Haryana at ₹498.26 lakhs (11.87%). Economic downturns or disruptions in key regions could significantly impact revenue generation.
Working Capital Intensive Operations and Cash Flow Risk
The company faces negative cash flow risks due to substantial working capital requirements for inventory investment and credit terms extended to customers. The company reported negative operating cash flows of ₹328.23 lakhs in FY23 and ₹49.80 lakhs in FY24, with current credit facility of ₹1,200.00 lakhs with Bank of India.
Intense Competition and Pricing Pressure Risk
The company operates in highly fragmented markets with intense pricing pressure from unorganized local distributors offering lower prices and organized B2B platforms with greater resources. The low switching costs for customers and relatively standardized products create ongoing margin pressures and market share risks.
Key Management and Founder Dependency Risk
The company's success depends heavily on promoters and key management personnel who possess industry relationships, strategic vision, and operational expertise. Their departure could result in loss of institutional knowledge, supplier relationships, and potential customer attrition in this relationship-driven industry.
Foreign Exchange and Import Cost Risk
The company's direct import operations expose it to foreign exchange risks as products are procured in foreign currencies while selling in Indian Rupees. Rupee depreciation could increase import costs and impact margins, particularly given competitive market constraints on immediate price adjustments.
Technology Platform Dependency Risk
The company's business model is centered on its online order management platform, making operations dependent on technology systems and digital functionality. System failures, cyber security incidents, or platform disruptions could affect order processing, inventory management, and customer relationships.
Supplier Relationship and Supply Chain Risk
The company depends significantly on relationships with OEM partners and suppliers for quality branded products. Disruption in supplier relationships, changes in allocation policies, or supplier capacity constraints could affect product availability, pricing, and competitive positioning.
Market Price Volatility and Trading Risk
The equity shares have never been publicly traded and may experience significant price and volume fluctuations after listing. The offer price determined through book-building may not reflect post-listing market value, and an active trading market may not develop or be sustained.
Company Analysis
from PROSPECTUSMopshop Distribution Limited supplies facility management products including cleaning chemicals, consumables, equipment, and uniforms to corporate clients through a B2B online order management platform across India.
Mopshop Distribution Limited, incorporated in June 2018 and converted to a public limited company in July 2025, operates as a B2B distributor of facility management supplies. Headquartered in Vasai, Maharashtra, the company serves over 300 active corporate clients across 7,000+ sites monthly through its digital order management platform. The company's product portfolio spans cleaning and hygiene consumables (microfiber cloths, disinfectants, sensor-based dispensers, biodegradable garbage bags, tissue papers, pedal bins, wringer buckets, vacuum cleaners, air fresheners, tool kits), cleaning chemicals, safety equipment, waste management solutions, uniforms, and related facility management supplies. The company generates revenue by supplying these products to facility management companies, banks, IT parks, malls, and corporate establishments, with geographic presence in Maharashtra, Haryana, Gujarat, Karnataka, Telangana, Tamil Nadu, and Madhya Pradesh. In FY25, revenue from operations was ₹4,198.82 lakhs with profit after tax of ₹347.72 lakhs.
Objects of the Issue
- Repayment of all or a portion of certain outstanding borrowings availed by our Company ₹1,150.00 lakhs p.22
- Purchase of Commercial Vehicles for transportation and logistical purposes ₹221.10 lakhs p.22
- Funding of capital expenditure requirement towards setting up of Rooftop Grid Solar Power Plant at our Warehousing facility located at Vasai, Palghar, Thane - 401206 ₹105.48 lakhs p.22
- General Corporate Purpose p.22
- Offer related expenses p.22
- Repayment of all or a portion of certain outstanding borrowings availed by our Company Up to ₹1,150.00 lakhs p.74
- Purchase of Commercial Vehicles for transportation and logistical purposes Up to ₹221.10 lakhs p.75
- Funding of capital expenditure requirement towards setting up of Rooftop Grid Solar Power Plant at our Warehousing Facility located at Vasai, Palghar, Thane 401208 Up to ₹105.48 lakhs p.76
- General Corporate Purpose p.78
- Offer related expenses p.78
- Repayment of Loans for effective working capital management to increase financial efficiency p.126
- Improving Logistics by Investing in Commercial Vehicles p.126
- Investment in Rooftop Solar Power Plants p.127
- Not specified in this document part
Issue Structure
- Total Issue
- Up to 19,75,000 Equity Shares aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 16,00,000 Equity Shares aggregating up to ₹[●] lakhs
- Offer for Sale
- Up to 3,75,000 Equity Shares aggregating up to ₹[●] lakhs
- Price Band
- ₹[●] per Equity Share (including a share premium of ₹[●] per Equity Share)
- Lot Size
- [●] Equity Shares and in multiples of [●] thereafter; subject to a minimum allotment of [●] Equity Shares to the successful applicants
- Face Value
- ₹10 each
Business Model
B2B distribution of facility management supplies and cleaning products to corporate clients through an online order management platform offering features like one-click repeat ordering, budget tracking, real-time order status, ERP-driven invoicing, and value-added services including training, site surveys, and annual maintenance contracts. The company procures products from OEM partners and established brands, maintains inventory across multiple warehouse locations, and delivers to customers primarily in regions surrounding its warehouses to manage transportation costs effectively.
Business Segments
SWOT Analysis
- • Established B2B digital platform with 300+ active clients and value-added features(p.29)
- • Strong revenue growth trajectory with 39.85% CAGR over two years(p.41)
- • Comprehensive product portfolio across 11 verticals in FM supplies(p.22)
- • Multi-location warehouse network enabling geographic reach(p.30)
- • Profitability improvement with PAT growing 328% from FY23 to FY25(p.23)
- • Expanded geographic presence with warehouses in 7+ cities(p.120)
- • Customized digital online order management platform for operational efficiency(p.123)
- • Experienced promoters with 15+ years in distribution and retail(p.120)
- • Asset-light, agile operational model enabling scalability(p.118)
- • Diversified client base across multiple sectors with 300+ clients(p.120)
- • Strong EBITDA margin improvement from 4.62% to 14.64%(p.121)
- • Industry partner recognition including CBRE Certificate and Kimberly-Clark partnership(p.128)
- • Established B2B distribution model with digital infrastructure(p.218)
- • Diversified customer base across multiple geographies and sectors(p.218)
- • Strong revenue growth trajectory(p.221)
- • Improved profitability and margins(p.223)
- • Strong return on equity and capital efficiency(p.219)
- • Improved cash generation from operations(p.224)
- • High client concentration risk with top 5 clients generating 27.65% of revenue(p.32)
- • Significant geographic concentration with Maharashtra accounting for 66.77% of revenue(p.30)
- • Working capital intensive operations with negative cash flow history(p.35)
- • Single product category concentration with cleaning tools and hygiene consumables as majority revenue(p.29)
- • Dependency on leased warehouse facilities across multiple locations(p.47)
- • History of delays in statutory compliance including ESIC payment delays(p.42)
- • Restated financial statements prepared by peer review CA, not statutory auditor(p.34)
- • Outstanding direct tax matters involving company, directors and promoters(p.31)
- • High revenue concentration in Maharashtra (66.77% of FY2025 revenue)(p.126)
- • Limited brand awareness compared to larger, established FMS competitors(p.118)
- • Revenue dependency on few key client segments creating diversification risk(p.118)
- • Limited physical presence and offline distribution compared to traditional players(p.118)
- • Expansion into adjacent areas like FMCG and uniforms in early stages with unproven market acceptance(p.118)
- • High dependence on working capital finance(p.209)
- • Concentrated customer base in facility management sector(p.220)
- • Single business vertical exposure(p.220)
- • Geographic concentration risk due to warehouse locations(p.220)
- • Significant pending tax demands(p.228)
- • Pending tax liabilities of promoters(p.229)
- • Growing FM supplies market as critical enabler in modern infrastructure(p.22)
- • Expansion potential through product portfolio diversification across 11 verticals(p.22)
- • Vehicle electrification strategy with 7 electric vehicles targeting full fleet electrification by 2026(p.43)
- • Corporate customer focus on sustainability creating competitive advantage opportunity(p.43)
- • Platform enhancement potential for digital transformation and aggregator model evolution(p.40)
- • Geographic expansion opportunity beyond current concentration areas(p.30)
- • Expansion into adjacent FMCG distribution, uniforms, and disposable crockery(p.118)
- • Rising organized procurement demand across institutional buyers for hygiene products(p.118)
- • Growing digitization and online procurement trends in facility management(p.118)
- • Market expansion beyond banking into education, healthcare, and retail sectors(p.118)
- • Government capex of ₹11.11 lakh crore driving institutional consumption(p.112)
- • Smart city projects and IoT-enabled facility solutions growing at 18-20% CAGR(p.110)
- • Swachh Bharat Mission 2.0 with increased allocation of ₹12,300 crore(p.111)
- • Expansion in facility management supplies sector(p.218)
- • Geographic expansion across India(p.218)
- • Digital platform enhancement and e-commerce integration(p.218)
- • Growth through customer acquisition(p.218)
- • Intense competition from unorganized local distributors with lower price offerings(p.33)
- • Low barriers to entry fragmenting the industry with multiple competitors(p.33)
- • Economic downturns reducing corporate spending on facility management(p.47)
- • Foreign exchange risk from import operations and supplier relationships(p.35)
- • Disruption risk from supplier relationship changes and OEM strategy shifts(p.34)
- • Regulatory compliance risks including licensing delays and evolving compliance obligations(p.42)
- • Natural calamities, pandemics and supply chain disruptions affecting operations(p.48)
- • Inflation and rising operational costs impacting profitability(p.41)
- • Political instability and government policy changes affecting business environment(p.49)
- • High inflation and raw material cost volatility affecting margins(p.110)
- • High dependency on imports for critical components causing FX and duty volatility(p.110)
- • Predominance of unorganized suppliers offering low-cost products affecting quality standards(p.110)
- • Limited market penetration in Tier 2 and 3 cities restricting industry growth(p.110)
- • Price sensitivity among institutional buyers limiting margins and R&D investment(p.110)
- • Fragmented distribution and supply chains creating inefficiencies(p.110)
- • Increasing competition from established and new entrants in organized FMS sector(p.118)
- • Workforce challenges in manufacturing and delivery with high skilled labor shortage(p.110)
- • Risk of client concentration impacting revenue stability if major clients reduce orders(p.118)
- • Customer purchasing behavior volatility(p.220)
- • Customer retention and renewal risks(p.219)
- • Competitive pressures(p.227)
- • Regulatory and compliance changes(p.232)
- • Transportation cost and logistics volatility(p.220)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Prakash Hakim Singh | Promoter and Selling Shareholder | 99.85% | — |
| Bunty Hakim Singh Gaur | Promoter | 0.14% | — |
| Prakash Hakim Singh | Promoter | 99.85% | — |
| Bunty Hakim Singh Gaur | Promoter | 0.14% | — |
| Prakash Hakim Singh | Promoter | 55,91,975 equity shares (99.85%) | — |
| Bunty Hakim Singh Gaur | Promoter | 8,000 equity shares (0.14%) | — |
| Prakash Hakim Singh | Promoter | 99.86% | — |
| Bunty Hakim Singh Gaur | Promoter Group | 0.14% | — |
| Mr. Prakash Hakim Singh | Selling Shareholder | — | — |
| Prakash Singh | Promoter | — | — |
| Bunty Gaur | Promoter | — | — |
Leadership
Auto-extracted from the company's PROSPECTUS using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official PROSPECTUS before relying on it.
Offer documents
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2025
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Mopshop Distribution Ltd. THIS ISSUE | 6.24 | 12.11 | 17.60, computed at the offer price | 7.87, computed at the offer price | 51.56% |
Niparo Trading private limited | 10.66 | 335.36 | — | — | 3.17% |
Miraclean Tools private limited | 92.86 | 2,063.25 | — | — | 4.50% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.