HM
Highness Microelectronics
Book Building issueSMEBSE₹21.67 Cr issue
+4.17%
Listing gain over issue price
Price band
₹114 – ₹120
Issue size
₹21.67 Cr
1 lot at cut-off
₹1,44,000
Lot size
1,200shares
Open
24 Mar 2026
Close
27 Mar 2026
Allotment
30 Mar 2026
Listing
02 Apr 2026
Listing performance
Issue price
₹120
Listed at
₹125
Listing-day close
₹129.75
Latest price
₹177.55
Listing gain
+4.17%
Return since listing
+47.96%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹27
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 02 Apr 2026 | ₹27 | +22.50% | ₹24,600 | ₹147 | ₹32,400 |
| 01 Apr 2026 | ₹27 | +22.50% | ₹24,600 | ₹147 | ₹32,400 |
| 31 Mar 2026 | ₹20 | +16.67% | ₹18,200 | ₹140 | ₹24,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 24 Mar 2026 – 27 Mar 2026
- Listing date
- 02 Apr 2026
- Face value
- ₹10 per share
- Price band
- ₹114 – ₹120
- Issue price
- ₹120 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹21.67 Cr
- Market cap at offer price
- ₹61.96 Cr
- Promoter holding
- 99.90% → 64.96% pre-issue → post-issue
- ISIN
- INE1KI801019
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Fintellectual Corporate Advisors Pvt.Ltd.
- Registered office
- Office 1C3, 1st Floor, Gundecha Onclave, Kherani Road, Saki Vihar, Andheri (East), Maharashtra
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 | 5,11,200 | — | — |
| Market maker | 91,200 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹120
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,44,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,88,000 |
| S-HNI (max) | 6 | 7,200 | ₹8,64,000 |
| B-HNI (min) | 7 | 8,400 | ₹10,08,000 |
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
5,11,200
Anchor portion
₹6.13 Cr
at ₹120 per share
Valuation and performance
Valuation at offer price
₹120 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.19 | 8.81 |
| P/E (×) | 16.69 | 13.62 |
| Price to book (×) | 6.37 | — |
| Market cap | — | ₹61.96 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 47.09%
- ROCE
- 42.09%
- Debt / equity
- 0.74
- EBITDA margin
- 32.11%
- NAV per share
- ₹18.85
- Price to book
- 6.37
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Highness Microelectronics
Highness Microelectronics Limited, an ISO 9001:2015 and ISO 13485:2016 certified company incorporated on September 6, 2007 and converted to public limited status in 2024, specializes in the design, development, integration, assembly and manufacture of digital imaging solutions. The company operates in two main categories: 'Off-the-Shelf Products' including TFT-LCD modules, display controllers, electroluminescent displays, vacuum fluorescent displays, touch screens, cable assemblies and backlight drivers; and 'Market-Specific Solutions/Project' category offering display monitors in various form factors such as open-frame, panel-mount, industrial and medical grade displays. The company serves industries including Industrial Automation, Medical & Healthcare, Railways, and Defence & Aerospace. For the period ended December 31, 2025, the company reported total revenue of ₹1,44,115.30 thousands with profit after tax of ₹34,100.18 thousands.
Company Analysis
from RHPHighness Microelectronics Limited designs, develops, integrates, assembles and manufactures digital imaging solutions including display modules and controllers for industrial automation, medical, railways, and defence sectors.
Highness Microelectronics Limited, an ISO 9001:2015 and ISO 13485:2016 certified company incorporated on September 6, 2007 and converted to public limited status in 2024, specializes in the design, development, integration, assembly and manufacture of digital imaging solutions. The company operates in two main categories: 'Off-the-Shelf Products' including TFT-LCD modules, display controllers, electroluminescent displays, vacuum fluorescent displays, touch screens, cable assemblies and backlight drivers; and 'Market-Specific Solutions/Project' category offering display monitors in various form factors such as open-frame, panel-mount, industrial and medical grade displays. The company serves industries including Industrial Automation, Medical & Healthcare, Railways, and Defence & Aerospace. For the period ended December 31, 2025, the company reported total revenue of ₹1,44,115.30 thousands with profit after tax of ₹34,100.18 thousands.
Electronics System Design and Manufacturing (ESDM)Digital Imaging SolutionsDisplay ManufacturingIndustrial AutomationMedical & Healthcare EquipmentRailways and Metro SystemsDefence & Aerospace
Objects of the Issue
- Funding the capital expenditure requirements of our Company ₹52,675.18 thousands p.26
- Funding the Working Capital Requirement of our Company ₹67,090.55 thousands p.26
- Repayment and/or pre-payment, in full or part, of borrowing availed by our Company ₹18,909.45 thousands p.26
- General Corporate Purposes p.26
- Funding the capital expenditure towards setting up an assembly line at factory situated at R-364, TTC Industrial Area, Rabale, Mumbai-400701 ₹52,675.18 thousands p.92
- Funding the working capital requirement of our Company ₹67,090.55 thousands p.92
- Repayment and/or pre-payment, in full or part, of borrowing availed by our Company ₹18,909.45 thousands p.92
- General Corporate Purposes p.109
- Establishment of new COG (Chip on Glass) and FOG (Film on Glass) assembly line at factory in Mumbai p.133
- Setting up manufacturing facility in Goa for TFT-LCD modules, Touch Screens, & Display Controllers with COG and FOG assembly lines, glass cutting and resizing capabilities, in-house R&D centre, and endurance testing laboratory p.134
- Objects of the Offer are not detailed in this excerpt (pages 278-336); refer to chapter titled 'Objects of the Offer' beginning on page 88 p.305
Issue Structure
- Total Issue
- Up to 18,06,000 Equity Shares aggregating up to ₹ [●] thousands
- Fresh Issue
- Up to 16,53,600 Equity Shares aggregating to ₹ [●] thousands
- Offer for Sale
- Up to 1,52,400 Equity Shares aggregating up to ₹ [●] thousands
- Price Band
- [●]
- Lot Size
- 2 Lot of Equity Shares and in multiples of 1200 Equity Shares thereafter
- Face Value
- ₹10.00 each
Business Model
The company earns revenue through two main channels: (1) sale of off-the-shelf products such as TFT-LCD modules, display controllers, touchscreens, and display enhancement solutions; and (2) market-specific solutions and projects involving custom display monitors for industrial automation, medical and healthcare, railways, and defence & aerospace applications. For the period ended December 31, 2025, revenue from operations was ₹1,41,327.57 thousands, with Defence & Aerospace contributing 45.14%, Railways 28.56%, Medical & Healthcare 21.73%, and Industrial Automation 4.57%.
Business Segments
Supply of Flat Panel Displays including TFT-LCD modules, Display Controllers, Electroluminescent Displays, Vacuum Fluorescent Displays, Touch Screens, Cable Assembly & Harness, Backlight Drivers & Inverters and Display-Enhancement solutions
Display-monitors in form factors such as Open-Frame Displays, Panel-Mount Displays, Industrial Grade Displays and Medical Grade Display Monitors for verticals including Industrial Automation, Medical & Healthcare, Railways (Trains & Metros) and Automobiles, Defence & Aerospace
Offers Flat Panel Displays like Thin Film Transistor (TFT) and Liquid Crystal Display (LCD) modules, Display Controllers, Electroluminescent Displays, Vacuum Fluorescent Displays, Touch Screens, Cable Assembly & Harness, Backlight Drivers & Inverters and Display-Enhancement solutions.
Includes Display-monitors in form factors such as Open-Frame Displays, Panel-Mount Displays, Industrial Grade Displays and Medical Grade Display Monitors for Industrial Automation, Medical & Healthcare, Railways (Trains & Metros) and Automobiles, and Defence & Aerospace verticals. Undertakes value addition processes to ruggedize Commercial off the Shelf displays including backlight enhancement for high-brightness outdoor readability, wide-operating temperature for extreme climates, EMI shielding, night vision compatibility, optical-bonding, vandal-proofing, and adding cover glass for anti-reflective, anti-glare, anti-fingerprint coatings.
Manufactures displays that suit industrial applications with specifications for high-humidity, high-temperature environments. Products include industrial grade monitors & displays suitable for ATMs, KIOSKs, Point of Sale terminals, Ticket Vending machines designed for outdoor climatic conditions with direct sunlight, heat & dust exposure, and vandal-proofing requirements.
Offers indigenized Medical-Grade monitors for surgical applications such as Gastroscopy, Endoscopy, and Laparoscopy. Manufactures Surgical Monitors and Surgical Monitors with Built-in Recorder locally. Provides medical-grade displays integrated into Modular Operating Theatres (MOT) with cross-platform connectivity with PACS, HIS, and surgical cameras. Holds CDSCO Medical Device Rules license for manufacturing medical monitors.
Supplies displays for railways modernization including Real-Time Train Tracking Systems (RTTS) in Locomotive Navigation System, Dynamic Route Maps (DRM) in Metro trains, Passenger Information System (PIS/PAPIS) for passenger coaches, Automatic Fare Collection (AFC) for Metro Fare Gates, and Ticket Vending kiosks. Offers Stretched/Bar type displays and High-Brightness Sunlight-Readable Displays for outdoor usage.
Designs and supplies a range of display systems for defence applications including displays for Artillery Gun upgrades, Naval applications, communication equipment for paramilitary forces, and navigational controls onboard tanks. Specializes in developing ruggedized display products built to endure challenging climatic conditions with features such as wide operating temperature ranges, high-brightness visibility for outdoor/sunlight, night-vision (NVIS) compatibility, EMI/EMC shielding, optical bonding, and ingress protection.
Design, development, integration, assembly and manufacture of Thin Film Transistor (TFT) displays, Liquid Crystal Display (LCD) modules, Display Controllers, Electroluminescent Displays, Vacuum Fluorescent Displays, Touch Screens, Cable Assembly & Harness, Backlight Drivers & Inverters and Display-Enhancement solutions
Design, development, integration, assembly, manufacture, marketing, import, export, installation and maintenance of digital imaging solutions such as Flat-panel Display, Display Controllers, Touch Screens, Embedded-boards, Motherboards, AD-Controller boards, Single-board computers
SWOT Analysis
Strengths
- • ISO certified manufacturing with dual certifications(p.25)
- • Diversified product portfolio across multiple display technologies(p.25)
- • Revenue growth trajectory with increasing profitability(p.27)
- • Presence across multiple high-value industry verticals(p.25)
- • Strong internal control systems and fraud prevention mechanisms(p.55)
- • Adequate monitoring mechanisms through statutory auditors and audit committee(p.55)
- • No historical instances of employee fraud or misconduct(p.55)
- • ISO certified quality management systems for medical devices and digital imaging(p.132)
- • In-house design and manufacturing capabilities with integrated production process(p.150)
- • Ruggedized display solutions designed for harsh environmental conditions(p.133)
- • Strong customer base with long-term repeat business relationships(p.132)
- • Customization expertise to meet specific OEM requirements(p.132)
- • ISO certified manufacturing with specialized digital imaging expertise(p.267)
- • Significant export growth demonstrating market diversification(p.272)
- • Strong revenue growth trajectory(p.272)
- • Improving profitability with growing net profit margins(p.275)
- • Strategic cost reduction through debt structure optimization(p.278)
- • Strong cash generation from operations(p.279)
- • Significant profit improvement year-over-year(p.278)
- • Non-seasonal business model(p.280)
- • Developed competitive strengths over time(p.280)
Weaknesses
- • Heavy dependence on limited supplier base for raw materials(p.33)
- • Concentration of revenue from single largest customer(p.34)
- • Significant employee attrition impacting operations(p.35)
- • Negative cash flows from operating and investing activities in recent periods(p.37)
- • Leased premises with limited tenure creates operational risk(p.38)
- • Frequent changes in statutory auditors raising governance concerns(p.36)
- • Substantial outstanding trade receivables with aging beyond 6 months(p.42)
- • High leverage with significant indebtedness obligations(p.51)
- • Risk of undetected fraud or misconduct by employees affecting operations and reputation(p.55)
- • No independent monitoring agency appointed for offer proceeds utilization(p.55)
- • Promoter and director conflicts of interest(p.55)
- • Potential restrictions on business plans due to shareholding approval requirements(p.55)
- • Dependence on employee-centric operations(p.55)
- • No prior history of dividend payments to shareholders(p.57)
- • Heavy dependence on few customers concentrating revenue risk(p.137)
- • Heavy dependence on single supplier for critical components(p.137)
- • Low capacity utilization despite installed capacity(p.162)
- • Project-based business has extended gestation periods(p.141)
- • High dependence on limited customer base for operational revenue(p.269)
- • Geographic concentration of manufacturing operations(p.269)
- • High financial leverage with increased high-cost unsecured debt(p.275)
- • Significant overdue export receivables from single customer(p.264)
- • Outstanding GST tax demand and compliance issues(p.284)
- • Outstanding TDS/TCS tax defaults(p.285)
- • Elevated unsecured borrowing costs(p.278)
- • Elevated leverage ratio(p.298)
- • Litigation involving tax authorities(p.285)
Opportunities
- • Indian ESDM sector positioned for strong growth trajectory(p.25)
- • Government initiatives driving domestic manufacturing(p.25)
- • Expansion into Defence & Aerospace segment showing strong growth(p.40)
- • Capacity expansion funding to support growth in high-margin segments(p.26)
- • Establishment of COG and FOG assembly line for backward integration(p.95)
- • Localization of display module manufacturing and import substitution(p.95)
- • Expansion of customer base through extended credit terms(p.105)
- • Growth in working capital requirements and business operations(p.101)
- • Reduction of debt servicing costs through loan prepayment(p.106)
- • Strong government support for electronics manufacturing through PLI and Make in India initiatives(p.129)
- • India's rapid digital transformation driving demand for electronic displays(p.129)
- • High growth projected for ESDM sector with 16.1% CAGR(p.127)
- • Expansion of railway modernization and indigenization creating new market opportunities(p.143)
- • Growing healthcare sector demand for indigenized medical-grade monitors(p.142)
- • Strategic expansion through new manufacturing facility in Goa with government incentives(p.134)
- • Expansion of export markets and international customer base(p.269)
- • Growing digital imaging solutions market across industry verticals(p.208)
- • Strategic use of IPO proceeds for debt repayment and working capital optimization(p.275)
- • Expansion of medical device manufacturing capability(p.293)
- • Growth in electronics and semiconductor industry(p.290)
- • International business expansion through import-export(p.292)
- • Industry association memberships enabling market access(p.292)
Threats
- • Heavy import dependence with geopolitical supply chain risks(p.34)
- • Concentration of imports from China exposing to trade and tariff risks(p.34)
- • Foreign exchange volatility impacting export-heavy operations(p.35)
- • Geographic concentration of revenue in limited states(p.42)
- • Single large export customer representing significant counterparty risk(p.42)
- • Customs duty dues and regulatory compliance risks(p.51)
- • Multiple instances of statutory filing delays attracting penalties(p.49)
- • Low capacity utilization across manufacturing segments(p.45)
- • Dependence on manufacturing unit concentration in single location(p.38)
- • Risk of share price volatility and illiquidity in trading market(p.57)
- • Risk of failure to obtain listing approval on stock exchange(p.56)
- • Changing laws and regulations affecting business operations(p.57)
- • Impact of natural disasters and terrorism on business and markets(p.58)
- • Political instability and changes in economic liberalization policies affecting India(p.59)
- • Dependence on global economic conditions and customer locations outside India(p.59)
- • Unverified industry data used for disclosures(p.56)
- • Future capital and debt financing needs may dilute shareholder interests(p.56)
- • Chinese competitors offering cheaper products at inferior quality undercutting local players(p.150)
- • Uncertainty in government policy and delays in realization of incentives(p.141)
- • Regulatory and compliance changes affecting business operations and supply chains(p.165)
- • Competition from larger international and domestic players with greater scale(p.150)
- • Heavy import dependence for raw materials creating forex and supply chain risks(p.269)
- • Volatility in raw material prices and supply disruptions(p.269)
- • Regulatory and licensing risks affecting operational continuity(p.269)
- • Industry competition and market dynamics(p.269)
- • Government policy changes impacting business environment(p.269)
- • Regulatory compliance risks in GST administration(p.284)
- • Ongoing income tax defaults across multiple years(p.285)
- • Competitive pressure from existing and potential competitors(p.280)
- • Foreign exchange and commodity price volatility(p.278)
- • Dependency on capital market access for growth(p.300)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Gaurav Manjul Kejriwal | Promoter and Selling Shareholder | 58.90% | 39.29% |
| Mr. Manjul Kumar Kejriwal | Promoter and Selling Shareholder | 27.00% | 16.15% |
| Mrs. Shruti Gaurav Kejriwal | Promoter | 4.00% | 2.72% |
| Mr. Gaurav Manjul Kejriwal | Promoter and Selling Shareholder | 58.90% | 39.29% |
| Mr. Manjul Kumar Kejriwal | Promoter and Selling Shareholder | 27.00% | 16.15% |
| Mrs. Shruti Gaurav Kejriwal | Promoter | 4.00% | 2.72% |
| Mrs. Manju Devi Kejriwal | Promoter Group | 7.00% | 4.76% |
| Mrs. Chhavi Nirav Shah | Public | 3.00% | 2.04% |
| Mr. Gaurav Manjul Kejriwal | Promoter | 58.90% | — |
| Mr. Manjul Kumar Kejriwal | Promoter | 27.00% | — |
| Mrs. Shruti Gaurav Kejriwal | Promoter | — | — |
| Gaurav Manjul Kejriwal | Promoter | 58.90% | — |
| Manjul Kumar Kejriwal | Promoter | 27.00% | — |
| Mrs. Shruti Gaurav Kejriwal | Promoter | 4.00% | — |
| Gaurav Manjul Kejriwal | Promoter | — | — |
| Manjul Kumar Kejriwal | Promoter | — | — |
| Mr. Gaurav Manjul Kejriwal | Promoter | — | — |
| Mr. Manjul Kumar Kejriwal | Promoter | — | — |
| Mr. Gaurav Manjul Kejriwal | Selling Shareholder-1 | — | — |
| Mr. Manjul Kumar Kejriwal | Selling Shareholder-2 | — | — |
Leadership
Mr. Gaurav Manjul Kejriwal · Managing Director
Mr. Manjul Kumar Kejriwal · Non-Executive Director
Mrs. Shruti Gaurav Kejriwal · Whole-Time Director
Ms. Preeti Paresh Rathi · Company Secretary and Compliance Officer
Mr. Mayurkumar Laxmidas Gori · Chief Financial 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.