The company withdrew its previous DRHP last Friday.
It joins a bunch of PE-backed firms going public and trading below issue price.
Xander and Norwest were to part-exit in the IPO.
The company aims to quadruple revenues to Rs 10,000 crore by 2018.
PE investor Jacob Ballas is selling a little over one-fifth of its holding.
It received shareholders' approval last year to raise up to Rs 850 crore through QIP.
Sadbhav recently got SEBI's approval for its IPO.
These projects have affected the organisations in terms of cost and regulatory compliance, it says.
BanyanTree Growth Capital had invested in February 2012.
It had tapped the yuan-denominated bond market in 2012 too.