Based on FY21 earnings the issue is offered at a multiple of 63 which seems tad expensive in comparison with peers. 100% of the issue is OFS, of which 85% is by PE Investor Karakoram Limited and the rest by the promoters. Since the issue is 100% OFS, no fund infusion will happen in business. Moreover, the company is exposed to concentrated risk, working capi-tal slackness, and corporate governance issues.