SJVN was a single decent offering amongst the the junk IPOs that have been flooding the Indian IPO market . Read my earlier analysis of the Junk IPOs in these posts

India’s Junk IPO Market Update – Tara Health Foods Fails to Get Subscribed

SJVN will leave something on the table for Indian equity investors

Low Quality IPO’s – Sign of a Market Top?

It shows that people can still discern between junk and decent offerings. Most of this junk got subscribed 1-2 time or not at all in the case of Tara Health Foods. SJVN is a government company in the hydro sector with stellar margins even if it is not growing in the next couple of years. But with a decent low double digit multiple and good dividend yield it makes sense for retail investors who get a 5% discount to subscribe to it. It certainly makes 10 times more sense than subscribing to the absolute junk that is being offering in the primary market.