What the two most expensive IPOs of 2017 portend

Prataap Snacks P/E: 285x It really is a sign of the times we live in when a snack- and namkeen-selling company takes investor fancy and trades at a fantastic 285 times earnings. The issue was subscribed 47 times, with retail investors subscribing to it by an even higher 77 times. There have been a number of justifications for Prataap Snacks lofty valuations: from depressed previous-year earnings to high industry-level valuations. The shares listed at a 33 per cent premium and closed their first day on the bourses 26 per cent higher. But it was not the retail investors that made the real killing