First of all, when we compare D-Mart IPO with some of the IPOs in last 10 years which saw massive demand, like Reliance Power and Coal India, this is a slightly different story fundamentally because retail in itself is a very competitive sector. It is not a very easy sector to operate in and in that sector if somebody is doing well in terms of profitability specially and not just running after the market share, it is a very corrective strategy and a commendable approachIn that context, definitely the company is doing the right things in this space. Valuation is very subjective, especially when you cross 10x or 15x kind of demand, it just becomes a self fulfilling prophesy.
People just keep buying because they think that there could be some listing gains that may be possible but if we keep everything aside, I think it is not a bad IPO to get in, not just from the perspective of some quick money which you can make in listing gains in maybe a first week or first day itself, but even if you want to keep holding on to it for let us say one year, two year and even longer, if the company does not change fundamentally and if the approach remains same. It makes sense to probably subscribe and look at it from a long-term perspective. So we will keep the frenzy aside whatever we are seeing in terms of demand for the IPO but overall I do not think it is a bad IPO. Even if you want to get in for a very long term of three to five years, the perspective is perfectly fine to subscribe.