Based on FY21 earnings the issue is offered at a multiple of 25, which seems reasonable as compared to peers. 88% of the issue is OFS by promoters (2/3 rd OFS) and Investors (1/3 rd OFS) and 12% fresh issue is for meeting the working capital requirement. The compa-ny is exposed to client-centric risk over the long term, however, no sudden twist is expected. Besides, the company also has issued 3.71 lakh shares in Jan’ 2021 to the family of non-executive director at Rs 33.7 which is at a steep discount to the issue price and is a related party transaction. However, sector has immense scope of growth considering the need for improved agricultural productivity and “China + 1” policy in the industry.