Yes, and the argument is fair. But there are no related party transactions reported and all new facilities being created using the IPO money are all exclusively for the listed entity. Also the biscuit and bakery sector is fairly large and growing, with premiumization options existing within. Also the QSR industry is expected to boom for the next decade (Bector supplies to almost all the major players like McD, KFC, BurgerKing, Pizzahut etc.). Also the have huge scope for geographic expansion, as they are currently there only in north and small parts of west, and they have a good quality brand. Considering all these and considering that their current market cap is just 1650 crore (with PE at 60% discount to market leader - Britannia), i think there is huge runway for growth both for business and stock
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