TBZ was valued at around 11 times its trailing earnings at the lower end of the price band, and at 12 times at the upper end of the price band. Analysts had stated that these valuations were steep when compared to peers in the business.
Recently, the Samvardhana Motherson IPO had to be shelved on account of poor response from shareholders.
The other recent IPOs like the government owned NBCC also saw their share prices listing below the offer price.
Despite the dearth of IPOs the ones that have come have been pricing their IPOs aggressively, which has resulted in losses for investors.