Vikran’s initial issue is available at 17.3x TTM EV/EBITDA which is muchlower to its peer average of 32.0x TTM EV/EBITDA. We believe the issueis attractively priced, as its growth in terms of revenue and EBITDA, hastrended in a similar range of its peers, while it is available at a much lowervaluation. We assign a “SUBCRIBE” rating to the issue.