Vectras Enprocon
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.88×
- Big non-institutionalbNII · above ₹10 lakh
- 7.45×
- Small non-institutionalsNII · ₹2–10 lakh
- 5.14×
- Retail individualRII · up to ₹2 lakh
- 4.45×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 04 Nov 2026 | ₹0 | — | ₹0 | ₹105 | ₹0 |
| 03 Nov 2026 | ₹0 | — | ₹0 | ₹105 | ₹0 |
| 02 Nov 2026 | ₹0 | — | ₹0 | ₹105 | ₹0 |
| 01 Nov 2026 | ₹0 | — | ₹0 | ₹105 | ₹0 |
| 31 Oct 2026 | ₹0 | — | ₹0 | ₹105 | ₹0 |
| 30 Oct 2026 | ₹0 | — | ₹0 | ₹105 | ₹0 |
| 29 Oct 2026 | ₹0 | — | ₹0 | ₹105 | ₹0 |
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 |
|---|---|---|---|---|
| Qualified institutional | 9,60,000 | 18,06,000 | ₹18.96 Cr | 1.88× |
| Non-institutional | 7,20,000 | 48,13,200 | ₹50.54 Cr | 6.69× |
| Big non-institutionalwithin NII | 4,82,400 | 35,91,600 | ₹37.71 Cr | 7.45× |
| Small non-institutionalwithin NII | 2,37,600 | 12,21,600 | ₹12.83 Cr | 5.14× |
| Retail individual | 16,80,000 | 74,83,200 | ₹78.57 Cr | 4.45× |
| Total | 33,60,000 | 1,41,02,400 | ₹148 Cr | 4.20× |
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 03 Nov, 05:56 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 30 Oct 2026 – 03 Nov 2026
- Listing date
- 06 Nov 2026
- Face value
- ₹10 per share
- Price band
- ₹99 – ₹105
- Issue price
- ₹105 per share
- Lot size
- 1,200 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹53.05 Cr
- Fresh issue
- ₹39.93 Cr 38,02,800 shares
- Offer for sale
- ₹10.46 Cr 9,96,000 shares
- Market cap at offer price
- ₹200 Cr
- Promoter holding
- 100.00% → 73.49% pre-issue → post-issue
- ISIN
- INE1FD201014
- CIN
- U45309GJ2021PLC122680
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- Office No. 601-602, Amrakunj Avis, Near Tapovan Circle, Chandkheda, Ahmedabad - 382424, Gujarat, 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 | 9,60,000 | 28.57% | 26.57% |
| Anchor investor · within QIB | 14,38,800 | — | 39.82% |
| NII (HNI) | 7,20,000 | 21.43% | 19.93% |
| bNII > ₹10L · within NII | 4,82,400 | — | 13.35% |
| sNII < ₹10L · within NII | 2,37,600 | — | 6.58% |
| Retail (RII) | 16,80,000 | 50.00% | 46.50% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,53,200 | — | 7.01% |
| Total issue | 36,13,200 | — | 100.00% |
Net offer to the public of 33,60,000 shares, out of a total issue of 36,13,200. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹105
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,26,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,52,000 |
| S-HNI (max) | 7 | 8,400 | ₹8,82,000 |
| B-HNI (min) | 8 | 9,600 | ₹10,08,000 |
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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.29 | 9.55 |
| P/E (×) | 10.20 | 10.99 |
| Price to book (×) | 4.17 | — |
| Market cap | — | ₹200 Cr |
Key performance indicators
- Return on net worth
- 51.39%
- ROCE
- 49.00%
- Debt / equity
- 0.59
- PAT margin
- 12.88%
- EBITDA margin
- 20.04%
- NAV per share
- ₹25.17
- Price to book
- 4.17
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 119.9 | 80.53 | 54.37 |
| Revenue from operations | 119.8 | 80.48 | 54.32 |
| Other income | 0.1 | 0.05 | 0.05 |
| Total expenses | 99.06 | 66.97 | 46.25 |
| Operating profit | 20.84 | 13.56 | 8.12 |
| Operating margin | 17.38% | 16.84% | 14.93% |
| Profit before tax | 20.84 | 13.56 | 8.12 |
| Profit after tax | 15.43 | 10.17 | 5.81 |
| PAT margin | 12.87% | 12.63% | 10.69% |
| Balance sheet | |||
| Total assets | 74.94 | 46.5 | 21.47 |
| Current assets | 66.21 | 38.03 | 17.78 |
| Current liabilities | 32.82 | 22.19 | 8.45 |
| Total liabilities | 37.19 | 24.18 | 9.32 |
| Net worth | 37.75 | 22.32 | 12.15 |
| Current ratio | 2.02× | 1.71× | 2.10× |
| Return on equity | 40.87% | 45.56% | 47.82% |
| Cash flow | |||
| Operating cash flow | -5.1 | -4.44 | -1.29 |
| Investing cash flow | -4.33 | -3.31 | -2.67 |
| Financing cash flow | 8.43 | 6.98 | 6.15 |
| Net cash flow | -1 | -0.77 | 2.18 |
Objects of the issue
1 Repayment / Prepayment of Outstanding Borrowings ₹14 Cr
The company intends to utilize a portion of the Net Proceeds towards pre-payment/repayment, in full or part, of certain outstanding borrowings availed by the company, including working capital facilities, to reduce existing debt and maintain a favourable debt-equity ratio.
2 Funding Long-Term Working Capital Requirements ₹20 Cr
The company proposes to utilize a portion of the Net Proceeds to fund its long-term working capital requirements, driven by the long EPC project cycles, bank guarantee obligations, retention money, and projected growth in operations.
3 General Corporate Purposes —
The company intends to deploy a portion of the Net Proceeds towards general corporate purposes, including acquisition/hiring of land/property, strategic alliances, capital expenditure, R&D, and other business exigencies, not exceeding lakhs or 15% of gross offer size, whichever is less.
1 of 3 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 Vectras Enprocon
Vectras Enprocon Limited was incorporated on May 18, 2021 as Vectras Enprocon Private Limited. It converted to a public company, and was renamed Vectras Enprocon Limited, following a shareholder resolution on March 03, 2025 and a fresh certificate of incorporation dated April 04, 2025. The company's business focuses on EPC services for the oil and gas industry. Its EPC work covers combined oil and gas station works and, since the financial year ended March 31, 2025, pipeline work in the midstream and downstream segments. Revenue from operations rose from ₹ 5,431.89 lakhs in FY2024 to ₹ 11,980.20 lakhs in FY2026, and was ₹ 7,193.86 lakhs for the six months ended September 30, 2026. Profit after tax was ₹ 1,543.27 lakhs in FY2026. As on September 30, 2026, the unexecuted order book comprised 34 projects worth ₹ 18,327.88 lakhs. The company had 990 employees as on that date. It earns revenue by executing projects for customers, a substantial part of which are public sector undertakings, and its operations are concentrated in Gujarat and Maharashtra.
Management
Naynesh Kanubhai Patel
MD
Maheshkumar Gopalbhai Patel
MD
Chandresh Manubhai Suthar
CEO
Apurvkumar Jageshbhai Patel
CFO
Jeevan R Krishna
COO
Princee Premchand Gupta
Director
Jignesh Vithalbhai Patel
Director
Nandish Kanubhai Patel
Director
Ravi P Patel
Director
Arpit Nikunjbhai Thakkar
Director of HR
Strengths
As stated in the offer document
Track Record of Timely Completion of Complex Projects
The company has demonstrated the ability to complete projects ahead of schedule, with examples including a public sector project completed 160 days early and a private sector project completed 62 days early, supported by standardized processes and efficient resource allocation.
Strong Order Book for Existing Project Portfolio and Geography
The company maintains an unexecuted order book of ₹18,327.88 lakhs comprising 34 projects as of September 30, 2026, with a Book-to-Bill ratio of 2.55x, providing strong revenue visibility and geographical diversification across multiple states.
Strong Execution Capabilities
The company has built in-house capabilities across design, operations, finance, and human resources, supported by more than 900 permanent employees as of September 30, 2026, enabling seamless management of complex projects with efficiency and quality.
Track Record of Growth in Financial Performance
The company's revenue grew from ₹5,431.89 lakhs in FY2024 to ₹11,980.20 lakhs in FY2026 at a CAGR of 48.51%, with net profit growing at a CAGR of 62.95%, and RoCE of 48.37% and RoE of 51.39% for FY2026.
Experienced Management Team with Significant Industry Experience
The company is led by promoters Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel, with over 17 and 16 years of industry experience respectively, supported by a diverse senior management team with expertise across finance, compliance, project management, and engineering.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company's top 10 customers contributed 97.29%, 92.27%, 96.04%, and 97.84% of revenue from operations in the six-months period ended September 30, 2026, and FY 2026, 2025, and 2024, respectively. The absence of long-term agreements with these customers exposes the company to significant revenue volatility if any key customer relationship deteriorates or orders are reduced.
Working Capital Intensity and Financing Risk
The company's EPC projects are highly working capital intensive, with total short-term borrowings of ₹2,648.38 lakhs as of September 30, 2026. Any inability to secure timely and cost-effective financing, particularly in tightening credit markets or rising interest rate environments, could adversely affect operations and profitability.
Negative Cash Flows from Operations
The company has consistently reported negative cash flows from operating activities, recording outflows of ₹313.85 lakhs, ₹510.26 lakhs, ₹443.98 lakhs, and ₹129.16 lakhs for the six-months period ended September 30, 2026, and FY 2026, 2025, and 2024, respectively. Continued negative operating cash flows could impair the company's ability to fund growth initiatives and service existing debt obligations.
Revenue Growth Sustainability Risk
The company's revenue grew at a CAGR of 48.51% from ₹5,431.89 lakhs in FY2024 to ₹11,980.20 lakhs in FY2026, while net profit grew at a CAGR of 62.95%. There is no assurance that this growth trajectory can be sustained, and failure to manage rapid expansion could adversely affect business operations and financial condition.
Geographic Revenue Concentration Risk
The company derives 87.92%, 71.52%, 89.72%, and 92.59% of its revenue from operations in Gujarat and Maharashtra for the six-months period ended September 30, 2026, and FY 2026, 2025, and 2024, respectively. Any adverse regulatory changes, economic slowdown, or operational disruptions specific to these states could have a material adverse impact on financial performance.
Dependence on Key Promoters and Management Personnel
The company is heavily reliant on its two Promoters — Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel — who collectively possess over 30 years of combined experience in the EPC oil and gas industry. The departure of either Promoter or the loss of other key managerial personnel could significantly disrupt business operations, strategy execution, and growth prospects.
Conflict of Interest from Promoter-Owned Competing Entity
The company's Promoters are 50% partners each in 'Vectras,' a partnership firm engaged in the same line of business, which generated revenue of ₹2,828.31 lakhs in FY2026. Although a non-compete agreement was signed in September 2025, there is no assurance that all potential conflicts of interest will be effectively eliminated, which could adversely affect the company's business and results of operations.
Company Analysis
from RHPVectras Enprocon Limited provides Engineering, Procurement and Construction (EPC) services with a focus on the oil and gas industry, spanning combined oil and gas station works and midstream and downstream pipeline work.
Vectras Enprocon Limited was incorporated on May 18, 2021 as Vectras Enprocon Private Limited. It converted to a public company, and was renamed Vectras Enprocon Limited, following a shareholder resolution on March 03, 2025 and a fresh certificate of incorporation dated April 04, 2025. The company's business focuses on EPC services for the oil and gas industry. Its EPC work covers combined oil and gas station works and, since the financial year ended March 31, 2025, pipeline work in the midstream and downstream segments. Revenue from operations rose from ₹ 5,431.89 lakhs in FY2024 to ₹ 11,980.20 lakhs in FY2026, and was ₹ 7,193.86 lakhs for the six months ended September 30, 2026. Profit after tax was ₹ 1,543.27 lakhs in FY2026. As on September 30, 2026, the unexecuted order book comprised 34 projects worth ₹ 18,327.88 lakhs. The company had 990 employees as on that date. It earns revenue by executing projects for customers, a substantial part of which are public sector undertakings, and its operations are concentrated in Gujarat and Maharashtra.
Objects of the Issue
- Repayment / prepayment, in full or part, of certain outstanding borrowings availed by our Company ₹ 1,400.00 lakhs p.92
- Funding long-term working capital requirement of our Company ₹ 2,000.00 lakhs p.93
- General Corporate Purpose p.99
- Working capital p.101
Issue Structure
- Total Issue
- 50,52,000 Equity Shares of face value of ₹ 10 each aggregating to ₹ [●] lakhs
- Fresh Issue
- 40,56,000 Equity Shares of face value of ₹ 10 each aggregating to ₹ [●] lakhs
- Offer for Sale
- 9,96,000 Equity Shares of face value of ₹ 10 each aggregating to ₹ [●] lakhs (4,98,000 shares each by Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel)
- Face Value
- ₹ 10
Business Model
The company earns revenue by executing EPC projects for clients, won through competitive tendering and typically executed on a schedule of rates contract model. Clients include public sector undertakings and city gas and oil companies. The top 10 customers contributed 97.29% of revenue from operations in the six months ended September 30, 2026. The company has no long-term agreements with its customers, and it typically sources materials through purchase orders and uses third-party service providers for labour at site and drilling and excavation work.
Business Segments
SWOT Analysis
- • Track record in EPC services under experienced first-generation promoters(p.93)
- • Operations in multiple states(p.93)
- • Revenue growth from FY2024 to FY2026(p.98)
- • Long-standing supplier relationships giving good credit terms(p.98)
- • Currently exempt from submitting EMD in most PSU contracts(p.94)
- • Track record of timely completion of complex projects(p.103)
- • Strong order book for existing project portfolio and geography(p.103)
- • Strong execution capabilities(p.103)
- • Track record of growth in financial performance(p.103)
- • Experienced management team with significant industry experience(p.103)
- • Profit after tax rose from FY2024 to FY2026 (₹ lakhs)(p.106)
- • Experienced, first-generation promoters with a track record in Oil & Gas EPC (MD&A overview)(p.252)
- • Unexecuted order book of Rs. 18,327.87 lakh as at 30 Sep 2026(p.260)
- • Restated revenue, EBITDA and PAT CAGR over the last three financial years(p.255)
- • Item rate contracts carry lower risk, with payment tied to actual work done at quoted unit prices(p.255)
- • Auditor's report on the audited statements has no qualifications or adverse observations(p.269)
- • Restated net worth rose from ₹1,214.92 lakh (FY2024) to ₹3,774.95 lakh (FY2026).(p.297)
- • Restated operating profit (EBITDA) rose from ₹867.17 lakh (FY2024) to ₹2,401.29 lakh (FY2026).(p.298)
- • Debt to equity ratio of 0.59 at March 31, 2026, within the 3:1 leverage criterion the company cites.(p.298)
- • Holds ISO 9001:2015 quality management certification valid to May 29, 2027.(p.288)
- • Registered trademark "VECTRAS ENPROCON" (word mark, Class 37), valid to July 26, 2031.(p.295)
- • Company confirms no pending defaults on interest or principal to debenture, bond or fixed deposit holders.(p.299)
- • Substantial dependence on private sector entities in oil and gas(p.47)
- • Concentration and counterparty risk from private sector clients(p.48)
- • Revenue concentrated in Gujarat and Maharashtra (71.52% in FY2026)(p.46)
- • No alternate funding source identified for the Offer objects(p.46)
- • No dividends declared since incorporation(p.46)
- • Redeployment of unused proceeds may be difficult(p.47)
- • Significant cost of becoming a listed company(p.51)
- • Promoters will retain a significant shareholding after the Offer(p.51)
- • Dependence on a limited customer and supplier base (MD&A)(p.269)
- • Net cash used in operating activities in the six months to 30 Sep 2026 (Rs. 313.85 lakh)(p.266)
- • Total borrowings of Rs. 3,136.12 lakh as at 30 Sep 2026(p.268)
- • Loan agreements carry covenants restricting indebtedness, liens, asset sales, investments and business changes(p.268)
- • Related-party trading with a partnership firm in which the Chairman, Whole-time Director and Managing Director are partners(p.248)
- • Project delays can lead to fines, penalties, forfeiture of earnest money and disputes(p.256)
- • Revenue is concentrated in a few customers: top 10 customers were 97.29% of revenue in the six months to September 30, 2026.(p.275)
- • Largest customer was 23.88% of revenue in the six months to September 30, 2026, and 60.33% in FY2024.(p.275)
- • A promoter-linked partnership firm (M/s. Vectras) was a major customer, 14.24% of FY2026 revenue (₹1,706.31 lakh).(p.275)
- • A promoter-linked partnership firm (M/s. Vectras) was the largest supplier, 34.67% of FY2026 purchases (₹1,178.92 lakh).(p.277)
- • Top 10 suppliers accounted for 68.64% of FY2026 purchases, and 45.23% in the six months to September 30, 2026.(p.276)
- • Aggregate outstanding borrowings were ₹3,848.82 lakh at September 30, 2026, including non-fund-based facilities.(p.279)
- • Term loan, working capital and bank guarantee facilities are secured by charges over immovable property, fixed deposits, plant and machinery, stock and receivables, plus personal guarantees.(p.279)
- • Loan covenants bar the company from approaching the capital market for additional debt or equity without lender consent.(p.280)
- • Prepayment fee of 4.00% of principal on secured term loans and working capital facilities.(p.280)
- • A CLRA labour licence renewal for one project was pending approval at the time of the filing.(p.293)
- • Strategic alliances for business expansion in India or abroad (stated use of General Corporate Purpose)(p.99)
- • Stated effort to expand client base and diversify revenue(p.48)
- • Expected better supplier terms from Offer proceeds(p.97)
- • Flagship infrastructure policies expected to create favorable demand for EPC services(p.136)
- • Indian EPC industry market size projected to grow(p.136)
- • Urban power modernization creating EPC demand(p.153)
- • Power infrastructure growth opportunities for EPC players(p.152)
- • Renewable energy pipeline generating sustained EPC demand(p.154)
- • Projected 50% rise in India's oil consumption by 2030 (D&B data)(p.254)
- • Projected doubling of India's natural gas consumption from 2019 to 2030 (D&B data)(p.254)
- • Product pipeline utilisation rose to 71.1% in FY 2024-25 from 68.9%(p.254)
- • Document states the industry trends could significantly affect revenue from operations(p.255)
- • State guidelines restrict digging during monsoon season(p.46)
- • Economic slowdown, political instability or government change could reduce EPC demand(p.48)
- • Any prolonged financial crisis could hurt the Indian economy and the Company(p.48)
- • Inflation during slowdowns raises raw material and transport costs(p.49)
- • Natural disasters, fires and severe weather can damage property and halt operations(p.49)
- • Changes in regulations could hurt business and prospects(p.49)
- • Changes in GST and other tax rates could affect results(p.50)
- • Share price may be volatile and may not be resellable at the Offer Price(p.50)
- • Highly competitive market with fragmented competitors(p.254)
- • Some competitors have greater financial resources, larger capacity and cost advantages(p.254)
- • Input cost increases that cannot be passed on to customers (cost inflation)(p.255)
- • Severe weather, monsoon and extreme heat can curtail operations and delay deliveries(p.269)
- • Government policy and overall Indian economic growth significantly affect operations(p.269)
- • Term loan carries a floating rate linked to the T-bill rate, at 8.65% to 9.83% per annum, so rate movements raise borrowing costs.(p.279)
- • Lenders may suspend or terminate access to facilities at their sole discretion on an event of default.(p.281)
- • Certain material government approvals may lapse or expire, and the company must renew them with regulators.(p.286)
- • Commencement of trading depends on the stock exchange, outside the company's control.(p.314)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Naynesh Kanubhai Patel | Promoter (Whole-time Director and Chairman); Promoter Selling Shareholder | 100.00 % (stated collectively for Promoters & Promoter Group, not per individual) | — |
| Maheshkumar Gopalbhai Patel | Promoter (Managing Director); Promoter Selling Shareholder | 100.00 % (stated collectively for Promoters & Promoter Group, not per individual) | — |
| Naynesh Kanubhai Patel | Promoter | 49.99 | 36.74 |
| Maheshkumar Gopalbhai Patel | Promoter | 49.99 | 36.74 |
| Naynesh Kanubhai Patel | Promoter | 49.99 | — |
| Maheshkumar Gopalbhai Patel | Promoter | 49.99 | — |
| Naynesh Kanubhai Patel | Promoter | 49.99% | — |
| Mahesh Gopalbhai Patel | Promoter | 49.99% | — |
| M/s Vectras (Partnership Firm) | Promoter Group | — | — |
| M/s Shiv Shakti Trading Co (Proprietorship firm) | Promoter Group | — | — |
| M/s Shiv Shakti Caterers (Proprietorship firm) | Promoter Group | — | — |
| Vectras Enprocon Contracting LLC | Promoter Group | — | — |
| Maheshkumar Gopalbhai Patel | Promoter Selling Shareholder | — | — |
| Naynesh Kanubhai Patel | Promoter Selling Shareholder | — | — |
| Naynesh Kanubhai Patel | Promoter Selling Shareholder | — | — |
| Maheshkumar Gopalbhai Patel | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP 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 RHP before relying on it.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Vectras Enprocon THIS ISSUE | 10.29 | 25.17 | 10.99, computed at the offer price | 4.17, computed at the offer price | 51.39% |
| 3.38 | 49.94 | 34.47 | 2.37 | 7.44% | |
| 21.30 | 92.22 | 8.35 | 1.92 | 25.21% | |
| 9.94 | 104.44 | 22.43 | 2.13 | 9.82% |
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.