Vishal Retail Listing Price

Vishal Retail Limited listed today on the markets. Those who got allotment would have made a killing today. Unfortunately I was among the many who were not lucky enough to get allotment. Though I applied for 1050 shares (350 each in 3 applications) I didnt get any allotment. Vishal retail listed at around Rs. 650 and closed the day at 753, after touching a high of 784.5. Those who had got allotment would have made a listing gain of over Rs.11,000 if they had sold today. One wonders why the Vishal retail IPO was priced so cheaply. I believe it was a huge valuation mistake done by the investment bankers who managed the Vishal Retail IPO.