HOAC Foods India Ltd. (HFIL) manufactures flour, spices, pulses, grains, and mustard oil, selling them under the "HARIOM" brand in Delhi-NCR through its exclusive outlets. The company focuses on organic products, avoiding artificial preservatives and chemicals. Over the past three years, HFIL reported an average EPS of Rs. 2.62 and an average RoNW of 34.67%. The IPO is priced at a P/BV of 4.09 based on a NAV of Rs. 11.74 (as of December 31, 2023). The P/E ratio is 18.70 for FY24 earnings and 22.25 for FY23 earnings, indicating a fully priced issue. HFIL operates in a competitive market and has shown average financial performance. Investors with cash surplus might consider investing moderately for the medium term.