Duke Fashions is a vertically integrated apparel manufacturer based in Ludhiana, India. It produces apparel for men, women and children. The company is considering launching an initial public offering (IPO) to expand. To determine the fair value of shares for the IPO, the document analyzes Duke Fashions' financials from 2006-2009 and performs valuation methods including book value, discounted cash flow and comparative analysis. Based on the analysis, the fair share price ranges from Rs. 407-858. The document also reviews the IPO process and listing requirements in India and provides recommendations for Duke Fashions to improve operations and financial position ahead of a potential IPO.