Theoretically yes. But practically there might not be buyer available at that price. Many times book value also include intangible assets (like brand value and so on) and practically it might not be of as much value as they say.
Another reason could be market does not trust the book value (or promoter) Or think it is inflate and hence assigning a lot less multiple than ideally would. Eg. If a govt puts up a steel plant, it might cost 1000 Cr (and hence has book value of 1000 crs.) but same plant can be setup by a private player at 700-800 crs (due to efficiencies of pvt sector). In that case though govt company has book value of 1000 Crs, market would price it as 700 Cr book.