well i don't know much about shares & ipos, but from the last years experience i can say that the company total income is 23Crs and PAT is just less than 4% of total income. no doubt the issue price is low but in last few ipos we have seen that low profile ipos are always brought just to block our capital... the company has a loan of 120Lakhs from Union Bank and they will repay from this money... but in the end i'll say one thing that there are so many shares at so much discount. go for them not for new ipos...