The issue appears attractive with an annualized FY10 P/E of 6.9x compared to an average of 15.7x for its peers (Shrenuj, Asian Star, Renaissance, Rajesh Exports and Gitanjali).

It has enjoyed a superior ROE (FY09) of over 46% compared to a peers’ average of 10%-18%.

I think we should go ahead and subscribe to the issue.