Aimtron Electronics
Book Building issueSME₹87.02 Cr issue
+49.69%
Listing gain over issue price
Issue size
₹87.02 Cr
1 lot at cut-off
₹1,28,800
Lot size
800shares
Open
30 May 2024
Close
03 Jun 2024
Allotment
04 Jun 2024
Listing
06 Jun 2024
Listing performance
Issue price
₹161
Listed at
₹241
Listing-day close
₹253.05
Latest price
₹1,602.55
Close on 23 Oct 2026
Listing gain
+49.69%
Return since issue
+895.37%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 May 2024 – 03 Jun 2024
- Listing date
- 06 Jun 2024
- Face value
- ₹10 per share
- Issue price
- ₹161 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Total issue size
- ₹87.02 Cr
- Market cap at offer price
- ₹321 Cr
- Promoter holding
- 96.96% → 71.29% pre-issue → post-issue
- ISIN
- INE0RUV01018
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Plot No 1/A, G.I.D.C.Estate, Waghodia-, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 15,36,000 | — | — |
| Market maker | 2,81,600 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹161
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,28,800 |
| S-HNI (min) | 2 | 1,600 | ₹2,57,600 |
| S-HNI (max) | 7 | 5,600 | ₹9,01,600 |
| B-HNI (min) | 8 | 6,400 | ₹10,30,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
15,36,000
Anchor portion
₹24.73 Cr
at ₹161 per share
Valuation and performance
Valuation at offer price
₹161 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.93 | 6.53 |
| P/E (×) | 27.15 | 24.66 |
| Price to book (×) | 1.14 | — |
| Market cap | — | ₹321 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 23.82%
- ROCE
- 23.85%
- Debt / equity
- 0.44
- PAT margin
- 14.56%
- NAV per share
- ₹140.94
- Price to book
- 1.14
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Aimtron Electronics
Aimtron Electronics Limited, incorporated on April 19, 2011 and converted to a public company on October 31, 2023, is engaged in electronics system design and manufacturing services. The company provides solutions ranging from printed circuit board (PCB) design and assembly (PCBA) to manufacturing of complete electronic systems (Box Build), with applications including battery management systems for electric vehicles. The company serves domestic and global manufacturers located in India, United States, Hong Kong, United Kingdom, Spain, and Mexico. During the stub period ended December 31, 2023, the company generated total income of ₹6,764.17 lakhs with profit after tax of ₹976.66 lakhs.
Company Analysis
from RHPAimtron Electronics Limited provides electronics system design and manufacturing (ESDM) services including printed circuit board assembly (PCBA), box build assemblies, and design solutions for domestic and global manufacturers in industrial, medical, automotive, and other sectors.
Aimtron Electronics Limited, incorporated on April 19, 2011 and converted to a public company on October 31, 2023, is engaged in electronics system design and manufacturing services. The company provides solutions ranging from printed circuit board (PCB) design and assembly (PCBA) to manufacturing of complete electronic systems (Box Build), with applications including battery management systems for electric vehicles. The company serves domestic and global manufacturers located in India, United States, Hong Kong, United Kingdom, Spain, and Mexico. During the stub period ended December 31, 2023, the company generated total income of ₹6,764.17 lakhs with profit after tax of ₹976.66 lakhs.
Electronics System Design and Manufacturing (ESDM)Printed Circuit Board Assembly (PCBA)Box Build ManufacturingIndustrial SectorMedical & Healthcare EquipmentAutomobilesPowerGamingDrones and UAVBattery Management Systems for Electric Vehicles
Objects of the Issue
- Repayment in full or in part, of certain of our outstanding borrowings ₹1,500.00 lakhs p.24
- Funding Capital Expenditure towards installation of additional plant and machinery ₹1,863.01 lakhs p.24
- Funding to meet working capital requirements ₹2,520.00 lakhs p.24
- General Corporate Purpose p.24
- Repayment in full or in part, of certain of our outstanding borrowings ₹1500.00 lakhs p.85
- Funding Capital Expenditure towards installation of additional plant and machinery ₹1863.01 lakhs p.85
- Funding to meet working capital requirements ₹2520.00 lakhs p.85
- General Corporate Purpose [●] (balance after above allocations, not to exceed 25% of gross proceeds) p.85
Issue Structure
- Total Issue
- 54,04,800 Equity Shares aggregating up to ₹[●] Lakhs
- Fresh Issue
- 54,04,800 Equity Shares (reduced by 4,64,000 from Pre-IPO Placement)
- Offer for Sale
- Nil
- Price Band
- ₹[●] to ₹[●]
- Lot Size
- [●]
- Face Value
- ₹10 per equity share
Business Model
The company earns revenue through the provision of electronics system design and manufacturing services, including printed circuit board assembly (PCBA), box build assemblies, and design solutions. Revenue is generated from sales to both domestic and global customers across various industries. The company sources raw materials and components from third-party suppliers and manufactures products based on customer specifications.
Business Segments
Printed circuit board assembly services for electronic components and systems
Manufacturing of complete electronic systems and assemblies including battery management systems for electric vehicles
End-to-end design services for electronic systems and components
Printed circuit board assembly services
Box build assemblies in addition to finding its application in battery management systems used in electrical vehicles
End to end services right from conceptualizing the design, engineering, product prototype development, manufacturing of turnkey requirements for customers
Design and assemble PCB with in-house capabilities to support the entire value chain for customers. Services include PCB design and analysis, PCB assembly with automated screen printing, SMT pick and place automation, THT assembly, BGA assembly and rework, inspection and test services including solder paste inspection, 3D AOI, functional testing, and X-Ray inspection.
System integration, enclosure fabrication, installation and routing of cabling or wire harnesses, installation of sub-assemblies and components. Includes system level assembly, product assembly, sub-level product assembly, packaging & labeling and testing. Capabilities for assembly of cable forms and harnesses, plastic moulds and other fabricated components.
Comprehensive services from concept to design stage, prototyping and pilot through mass manufacturing. Includes product engineering with turnkey solutions for custom embedded system development, digital and value added manufacturing engineering with high-speed multi-layer PCB designing and fabrication, validation and regulatory compliance testing, quality engineering services, and prototype and bulk manufacturing.
Provides ESDM products and services for industrial automation and control applications including monitoring systems, fuel dispensers, industrial pump controller units, HVAC, and pressure switches.
ESDM products and services for medical devices including air quality measurement devices, smart watches and wearable devices, ICU ventilators, dental surgical lights, and analyzer equipment.
ESDM solutions for automotive applications including climate systems, onboard chargers, EV chargers, battery control units, and battery management systems for electric vehicles.
ESDM products for gaming applications including pinball machines, casino/slot machines, digital cube PCBs, and controller PCBAs.
ESDM solutions for drone and UAV applications including drone PCBAs, automated guided vehicles (AGV), warehouse robotics, wireless network devices (box build), and water flood sensors (box build).
ESDM products for power applications including SMPS, panels, power relays, and voltage regulators.
Automated micro-electronics assembly and precision component integration for printed circuit boards
Complete electronic system assembly including box build assemblies and battery management systems for electrical vehicles
Design solutions offering end to end services from conceptualizing design, engineering, product prototype development, manufacturing of turnkey requirements for customers
SWOT Analysis
Strengths
- • Established presence in ESDM sector with comprehensive service offerings(p.24)
- • Diversified customer base across multiple geographies and end-use industries(p.24)
- • Growing Indian electronics manufacturing sector tailwind(p.24)
- • Strong global EMS market growth trajectory(p.24)
- • Diversified product range and engineering expertise(p.99)
- • Long-term, established customer relationships(p.99)
- • Quality assurance and experienced management(p.99)
- • Stable financial performance(p.99)
- • Strong profitability metrics and EBITDA margin(p.102)
- • One-stop ESDM solutions provider with diversified capabilities(p.122)
- • Strong quality certifications and manufacturing standards(p.124)
- • Experienced management team with deep sector expertise(p.122)
- • Diversified customer base across multiple end-use industries(p.123)
- • Reliable supply chain with alternative vendor sources(p.124)
- • Advanced manufacturing infrastructure and machinery(p.121)
- • Geographical diversification with two operational facilities(p.121)
- • Experienced promoter management with 30+ years in ESDM sector(p.166)
- • Diversified end-to-end ESDM capabilities from PCB to box-build(p.208)
- • Multiple quality certifications and accreditations(p.208)
- • Long-term customer relationships across diversified verticals(p.208)
- • Strong supply chain with multiple sourcing options(p.210)
- • Dual manufacturing facilities for regional resilience(p.210)
- • Profitability recovery with strong EBITDA margins(p.210)
Weaknesses
- • High concentration of revenue from top 10 customers(p.33)
- • Excessive dependence on single largest customer (group company)(p.33)
- • History of net losses in prior years(p.35)
- • Significant negative cash flows from operations in prior year(p.39)
- • High working capital intensity with substantial inventory levels(p.36)
- • Prior non-compliance with FEMA reporting requirements(p.32)
- • Lack of registered trademark protection(p.44)
- • Dependence on unsecured promoter loans with no formal agreements(p.45)
- • Minority shareholder vulnerability due to promoter concentration(p.49)
- • High leverage and debt burden requiring significant repayment(p.49)
- • Dependence on few major customers with operations concentrated outside India(p.50)
- • Risk of equity dilution from future fundraising(p.49)
- • Vulnerability to supply chain disruptions in metal and electric components(p.50)
- • High concentration of revenue in top 10 customers(p.124)
- • High dependence on imported raw materials(p.134)
- • Significant reliance on top 10 suppliers(p.134)
- • Significant materials cost as portion of expenses(p.134)
- • Relatively small workforce with limited operational capacity(p.121)
- • Moderate capacity utilization rates at manufacturing facilities(p.135)
- • High customer concentration with top 10 customers representing ~89% of revenue(p.219)
- • Extreme dependence on single largest customer (Aimtron Corporation, USA) for >50% revenue(p.219)
- • Significant debt burden with total debt of Rs. 1,821.65 lakhs and debt-to-equity ratio of 0.44(p.220)
- • Substantial trade receivables aging beyond 6 months indicating collection delays(p.192)
- • High inventories relative to revenue generation with inventory turnover of 1.0x(p.203)
- • Loss-making operations in FY 2021-22 with PAT of Rs. (180.15) lakhs(p.210)
- • Liquidity constraints with cash and equivalents of only Rs. 49.51 lakhs(p.172)
Opportunities
- • Significant growth opportunity in India's domestic consumer electronics demand(p.24)
- • Government support for domestic electronics manufacturing(p.24)
- • Diversification across multiple end-use industries(p.37)
- • Expansion into emerging sectors like electric vehicles and UAVs(p.24)
- • India's emergence as global electronics manufacturing hub with PLI scheme support(p.109)
- • Expanding global EMS market projected at $1145 billion by 2026(p.109)
- • Growing smartphone and consumer electronics demand in India(p.109)
- • Expansion of manufacturing capacity and installation of new SMT lines(p.91)
- • Strategic growth through working capital funding and business expansion(p.93)
- • Strong government support through PLI and SPECS schemes(p.119)
- • Expanding Indian ESDM market with strong CAGR growth(p.112)
- • Government target to make electronics a top 3 export by 2026(p.113)
- • Growing medical device market with regulatory support(p.125)
- • Electric vehicle and battery management systems market opportunity(p.125)
- • Growth in drone and UAV manufacturing sector(p.125)
- • Increased FDI attraction through Make in India initiatives(p.117)
- • Backward integration opportunity for cable assembly manufacturing(p.126)
- • Expansion into new end-use industries including EVs, IoT and medical devices(p.208)
- • Geographic expansion particularly in emerging markets beyond USA and India(p.209)
- • Capacity enhancement through new manufacturing capabilities and automation(p.208)
- • Growing adoption of electrical vehicles creating battery management system opportunities(p.208)
- • Higher-margin end-to-end solution services growing as % of revenue(p.209)
Threats
- • Intense competition from organized and unorganized competitors(p.33)
- • Pricing pressure from competitors with greater economies of scale(p.33)
- • Volatile raw material prices and supply chain disruptions(p.36)
- • Dependence on imports from vulnerable supply chains(p.36)
- • Foreign exchange rate fluctuation risks affecting export competitiveness(p.44)
- • International trade restrictions and tariff barriers(p.38)
- • EPCG license export obligations with penalty risks(p.39)
- • Regulatory and compliance risks in manufacturing operations(p.38)
- • Risk of technology obsolescence and product upgradation requirements(p.34)
- • Economic downturns affecting customer industries(p.37)
- • Global financial market instability and recession risks(p.50)
- • Geopolitical tensions and trade conflicts affecting global economy(p.50)
- • Exposure to commodity price volatility and supply disruptions(p.50)
- • Indian economic slowdown and inflation risks(p.51)
- • Regulatory and tax law uncertainties in India(p.51)
- • COVID-19 pandemic continuation risks(p.51)
- • Stringent labour laws and compliance costs(p.51)
- • Highly competitive ESDM market with large global competitors(p.138)
- • Price competition and pressure on margins from ODM alternatives(p.126)
- • Global electronics market competition and overcapacity(p.112)
- • Supply chain disruptions and material sourcing risks(p.111)
- • Dependence on imported electronic components from China and Asia(p.124)
- • Regulatory compliance requirements across multiple jurisdictions(p.114)
- • Currency and foreign exchange volatility risk(p.137)
- • Supply chain disruptions from COVID-19 pandemic impact persisting(p.217)
- • Extreme foreign exchange volatility with 141.40 lakhs loss in 9-month period(p.214)
- • Commodity price volatility and inflation affecting raw material costs(p.214)
- • Intense competition in ESDM sector(p.219)
- • Regulatory risks including GST disputes and tax proceedings(p.222)
- • Customer concentration risk with single customer representing majority of revenue(p.211)
- • Technology obsolescence and requirement for continuous product upgrades(p.211)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mukesh Jeram Vasani | Promoter | 81.99% | 60.28% |
| Nirmal M. Vasani | Promoter | 7.95% | 5.84% |
| Sharmilaben Lakhanbhai Bambhaniya | Promoter | Negligible | Negligible |
| Mukesh Jeram Vasani | Promoter | 81.99% | 60.28% |
| Nirmal M. Vasani | Promoter | 7.95% | 5.84% |
| Sharmilaben Lakhanbhai Bambhaniya | Promoter | Negligible | Negligible |
| Dhruti D. Babaria | Promoter Group | 6.75% | 4.96% |
| Bhanu Vasani | Promoter Group | 0.23% | 0.17% |
| Lakhan Ambabhai Bambhaniya | Promoter Group | Negligible | Negligible |
| Himalay Bambhaniya | Promoter Group | 0.05% | 0.03% |
| Mukesh Jeram Vasani | Promoter/Chairman and Non-Executive Director | 81.99% | — |
| Nirmal M. Vasani | Promoter/Non-Executive Director | 7.95% | — |
| Sharmilaben Lakhanbhai Bambhaniya | Promoter/Whole-Time Director | 0.01% | — |
| Mukesh Jeram Vasani | Promoter | 84.60% | — |
| Nirmal M. Vasani | Promoter | 8.20% | — |
| Sharmilaben Lakhanbhai Bambhaniya | Promoter | 6.96% | — |
Leadership
Mukesh Jeram Vasani · Promoter/Non-Executive Director
Nirmal M. Vasani · Promoter
Sharmilaben Lakhanbhai Bambhaniya · Promoter/Whole Time Director
Dr. Ashwani Kumar Srivastava · Whole Time Director
Nikita Kunalkumar Shah · Chief Financial Officer
Priyanka Shah · Company Secretary & Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Aimtron Electronics IPO FAQs
What is the lot size of Aimtron Electronics IPO?
The minimum lot size of Aimtron Electronics IPO is 800 shares. One lot costs ₹1,28,800 at the cut-off price.
When does Aimtron Electronics IPO open and close?
Aimtron Electronics IPO opened for subscription on 30 May 2024 and closed on 03 Jun 2024.
What is the listing date of Aimtron Electronics IPO?
Aimtron Electronics IPO listed on 06 Jun 2024.