@Zindgi I haven't written about Fone4....
As it can't be compare it with established companies like Jay JalaRam & Cell point.
The number of Fone4 speaks everything. But here the case is 360` different, as both companies are in profits.
At the time of ipo of Fone4
Total Revenue 2626.86
Profit After Tax -2.24
This is the only reason for the issue at par.
Hence one can not think to compare it.