Co is bringing the issue at p/b multiple of 3.58 on 9MFY18 book value of Rs 15.66/share. Although co is leading mid-priced hotel chain with a differentiated business model & has strategically positioned in key geographical areas but, as company was loss making since FY’15 & has turned around only in 9MFY18, hence limited track record of profit making doesn’t instill confidence in company at present level. Hence, we recommend “Avoid” on issue.