OSEL Devices
Book Building issueSME₹70.66 Cr issue
+23.78%
Listing gain over issue price
Issue size
₹70.66 Cr
1 lot at cut-off
₹1,28,000
Lot size
800shares
Open
16 Sep 2024
Close
19 Sep 2024
Allotment
20 Sep 2024
Listing
24 Sep 2024
Listing performance
Issue price
₹160
Listed at
₹198.05
Listing-day close
₹207.95
Latest price
₹339.75
Close on 23 Oct 2026
Listing gain
+23.78%
Return since issue
+112.34%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 16 Sep 2024 – 19 Sep 2024
- Listing date
- 24 Sep 2024
- Face value
- ₹10 per share
- Issue price
- ₹160 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Total issue size
- ₹70.66 Cr
- Market cap at offer price
- ₹258 Cr
- Promoter holding
- 98.50% → 71.53% pre-issue → post-issue
- ISIN
- INE0RMF01018
- Registrar
- MAS Services Ltd.
- Lead managers
- Horizon Management Pvt.Ltd.
- Registered office
- Office No.-712, Naurang House K.G.Marg, Connaught Place, Central Delhi, New Delhi
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 | 12,57,600 | — | — |
| Market maker | 2,21,600 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹160
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,28,000 |
| S-HNI (min) | 2 | 1,600 | ₹2,56,000 |
| S-HNI (max) | 7 | 5,600 | ₹8,96,000 |
| B-HNI (min) | 8 | 6,400 | ₹10,24,000 |
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
12,57,600
Anchor portion
₹20.12 Cr
at ₹160 per share
Valuation and performance
Valuation at offer price
₹160 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.14 | 8.09 |
| P/E (×) | 14.36 | 19.78 |
| Price to book (×) | 7.29 | — |
| Market cap | — | ₹258 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 51.50%
- ROCE
- 43.17%
- PAT margin
- 9.87%
- NAV per share
- ₹21.96
- Price to book
- 7.29
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About OSEL Devices
Osel Devices Limited, incorporated in 2006 and converted to public company status in 2024, manufactures comprehensive LED display systems and hearing aids at its facility in Greater Noida. The company serves diverse industries including commercial advertising, corporate settings, entertainment, retail, healthcare, and government bodies. LED display systems are used for applications such as indoor retail displays, corporate meeting rooms, billboards, advertising media, command control centres, and front signboards. Hearing aids, designed for individuals with hearing impairment, elderly persons, and chronic patients, are manufactured as both digital programmable and non-programmable devices. The company has established R&D capabilities with in-house laboratory testing for quality assurance across raw material processing, assembly, testing, and final quality control stages.
Company Analysis
from RHPOsel Devices Limited manufactures LED display systems and hearing aids, serving the commercial advertising, corporate, entertainment, healthcare, and government sectors.
Osel Devices Limited, incorporated in 2006 and converted to public company status in 2024, manufactures comprehensive LED display systems and hearing aids at its facility in Greater Noida. The company serves diverse industries including commercial advertising, corporate settings, entertainment, retail, healthcare, and government bodies. LED display systems are used for applications such as indoor retail displays, corporate meeting rooms, billboards, advertising media, command control centres, and front signboards. Hearing aids, designed for individuals with hearing impairment, elderly persons, and chronic patients, are manufactured as both digital programmable and non-programmable devices. The company has established R&D capabilities with in-house laboratory testing for quality assurance across raw material processing, assembly, testing, and final quality control stages.
LED display manufacturinghearing aids/assisted healthcare devicescommercial advertisinghealthcare
Objects of the Issue
- Prepayment or repayment of all or a portion of certain loans availed by our Company ₹600.00 lakhs p.20
- Funding of working capital requirements of our Company ₹4,400.00 lakhs p.20
- General corporate purposes Not more than 25% of Gross Proceeds p.20
- Prepayment or repayment of certain loans availed by our Company ₹600 lakhs p.85
- Funding of working capital requirements of our Company ₹4,400 lakhs p.86
- General corporate purposes [●] p.92
- Not explicitly stated in this section of the document
Issue Structure
- Total Issue
- Up to 44,16,000 equity shares aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 44,16,000 equity shares of face value ₹10 each aggregating up to ₹[●] lakhs
- Offer for Sale
- NIL
- Price Band
- Floor Price ₹[●] and Cap Price ₹[●]
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per equity share
Business Model
Osel manufactures and sells LED display systems and hearing aids. LED display products are sold to corporate customers for commercial usage including advertising media, billboards, corporate meeting rooms, presentations, and display promotions. Hearing aids are sold primarily to Artificial Limbs Manufacturing Corporation of India and other healthcare-related customers. The company manufactures products based on customer specifications, with vertical integration covering raw material processing, PCB assembly, component fitment, testing, inspection and quality control. Revenue generation is from direct sales to customers without long-term supply agreements.
Business Segments
Manufactures digital programmable and non-programmable hearing aids designed to support individuals with disabilities, elderly persons and chronic patients with low hearing levels to enhance quality of life
Manufactures comprehensive range of LED display systems with software and hardware capabilities, enabled with content management system for connecting to phones or computers, used for corporate advertising, billboards, presentations, and signboards
Manufactures comprehensive range of LED display systems enabled with content management system for commercial usage including advertising media, billboards, corporate meeting rooms, presentations, display promotions, command control center and front sign boards
Manufactures Digital Programmable and Non-Programmable Hearing Aids designed to support individuals with disabilities, elderly persons and chronic patients with low hearing levels; major customer is Artificial Limbs Manufacturing Corporation of India
Manufactures Digital Programmable and Non-Programmable Behind-the-Ear (BTE) Hearing Aids designed to support individuals with disabilities, elderly persons, and chronic patients with low hearing levels. Standard BTE, Mini BTE, and Receiver-in-the-Ear (RITE) variants are produced. Development-stage models include In-the-Ear (ITE), Completely-in-the-Canal (CIC), Invisible-in-the-Canal (IIC), Receiver-in-Canal (RIC), and In-the-Canal (ITC) hearing aids.
Manufactures comprehensive range of LED display systems including Indoor LED Solutions, Outdoor LED Solutions, Transparent LED Solutions, and Customized LED Solutions. Products are enabled with content management system allowing connection to phone or computer for display on screen. Used by corporates for advertising media, billboards, corporate meeting rooms, presentations, display promotions, command control centres, and front sign boards.
Manufactures and sells hearing aid devices for healthcare applications
Manufactures and sells LED screens and spare parts for digital signage
Digital programmable and non-programmable hearing aids designed to support individuals with hearing disabilities, elderly persons and chronic patients
LED display systems enabled with content management system for commercial advertising, billboards, presentations, and signage applications
SWOT Analysis
Strengths
- • Vertical integration in manufacturing with in-house R&D and quality control(p.19)
- • State-of-the-art manufacturing facility with significant production capacity(p.34)
- • Diversified product portfolio across LED displays and hearing aids serving multiple industries(p.19)
- • Long-term customer relationships with blue-chip organizations and government entities(p.28)
- • Strong revenue growth trajectory over three-year period(p.20)
- • Specialized LED display and hearing aids manufacturer with established market presence(p.96)
- • Strong relationships with marque customers and established client base(p.96)
- • Quality assurance and control capabilities across production(p.96)
- • Cost-effective production with timely order fulfillment(p.96)
- • Experienced management team(p.96)
- • Post-sale service and support capabilities(p.96)
- • Geographic presence in multiple markets(p.96)
- • Established manufacturing facility with modern equipment and technology(p.124)
- • Strong brand recognition and long-standing market presence(p.137)
- • Rigorous quality assurance and certifications(p.138)
- • Established customer relationships and repeat business(p.138)
- • Experienced and skilled management team(p.138)
- • Strong geographical presence across India(p.137)
- • Robust R&D facility and quality control infrastructure(p.124)
- • Established business with 18+ years operating history in LED and hearing aid manufacturing(p.171)
- • Strong financial performance with revenue growth from ₹6,524.53 lakhs (FY2022) to ₹13,223.35 lakhs (FY2024)(p.214)
- • Healthy profitability with PAT margin improving to 9.87% in FY2024 from 3.25% in FY2022(p.227)
- • MSME Sustainable (ZED) Certification received in 2024(p.167)
- • Improved return on equity, reaching 34.68% in FY2024(p.227)
- • Vertical integration in manufacturing LED displays and hearing aids with modern facilities(p.234)
- • In-house R&D facility with quality assurance and control capabilities(p.234)
- • Strong profitability growth with EBITDA and PAT expanding significantly(p.239)
- • Improved operational efficiency with declining raw material cost as percentage of revenue(p.239)
- • Diversified product portfolio across LED displays and hearing aids serving multiple end-markets(p.234)
- • ISO certifications and compliance with quality and safety standards(p.251)
Weaknesses
- • Dependency on few key customers representing majority of revenue(p.28)
- • High geographical concentration of sales in Delhi and Uttar Pradesh(p.29)
- • Dependence on imports for majority of raw materials from China(p.31)
- • Limited operating history in current business segments(p.30)
- • Lack of formal long-term agreements with customers and suppliers(p.28)
- • History of delays in statutory compliance and GST payment(p.34)
- • Below-capacity utilization in manufacturing(p.36)
- • No ownership of manufacturing and office premises(p.40)
- • Promoter concentration risk with single individual holding 98.5% of pre-IPO capital(p.77)
- • High dependence on personal guarantees and collateral from promoters for credit facilities(p.43)
- • Significant debt burden with total fund-based indebtedness of ₹2,545.23 lakhs(p.44)
- • Contingent liabilities totaling ₹53.86 lakhs from tax demands(p.44)
- • Recallable unsecured loans from promoters and third parties create liquidity risk(p.45)
- • Restrictive covenants in lending agreements limit operational flexibility(p.44)
- • Dependence on key managerial personnel creates continuity risk(p.46)
- • Inadequate insurance coverage for operational risks(p.46)
- • High dependence on few key customers(p.138)
- • Significant dependence on imported raw materials(p.142)
- • Concentration of supplier base(p.142)
- • Limited geographic export presence(p.127)
- • Relatively low capacity utilization(p.153)
- • Small team size and limited marketing resources(p.141)
- • No proprietary patent protection(p.134)
- • High debt-to-equity ratio of 1.00 as of March 31, 2024, indicating significant financial leverage(p.223)
- • Substantial short-term borrowings of ₹1,751.80 lakhs creating near-term repayment obligations(p.197)
- • Very high concentration of equity ownership—Rajendra Ravi Shanker Mishra holds 98.50% of shares(p.186)
- • Limited working capital cushion with current ratio of only 1.24(p.226)
- • Significant increase in inventories from ₹1,027.31 lakhs (FY2022) to ₹2,540.33 lakhs (FY2024)(p.197)
- • High dependence on a few major customers for revenue generation(p.235)
- • Revenue concentration with top 10 customers representing 90.76% of total sales(p.238)
- • Significant reliance on healthcare industry revenue(p.235)
- • Low production capacity utilization, particularly in hearing aids segment(p.238)
- • Export sales minimal at only 0.02% of total revenue in FY2024(p.238)
- • Increased financial costs with 198.13% growth in finance costs year-on-year(p.240)
Opportunities
- • Expansion into new geographic markets domestically and internationally(p.40)
- • Growth in healthcare and assisted healthcare devices sector(p.27)
- • Diversification of product applications across multiple industries(p.27)
- • Capacity expansion and utilization improvement potential(p.35)
- • Government contracts and public sector unit opportunities(p.33)
- • Expansion into new geographies and retail markets for hearing aids(p.91)
- • Development of new variants and advanced hearing aid categories(p.91)
- • Product innovation with advanced LED display technologies(p.91)
- • B2B growth through government tenders and white label manufacturing(p.91)
- • Capacity expansion with increasing utilization rates(p.89)
- • Significant order backlog providing revenue visibility(p.89)
- • Government digitalization initiatives driving LED display demand(p.151)
- • Growing hearing aid market addressing significant population need(p.151)
- • Digital Out-of-Home advertising conversion opportunity(p.151)
- • Rising demand for digital signage across industries(p.151)
- • Expansion into retail segment for hearing aids(p.140)
- • New hearing aid product development(p.126)
- • International market expansion targeting emerging markets(p.140)
- • Expansion in digital signage and healthcare solutions market(p.200)
- • Entry into SME listing on NSE's Emerge Platform providing capital market access(p.176)
- • Potential to leverage group company networks—Osel Technology Pvt Ltd and Limitless Mobility Solutions Pvt Ltd(p.189)
- • Scope for scaling manufacturing capacity following recent ₹1,281.66 lakhs capex investment in FY2024(p.199)
- • Expansion of manufacturing capacity and market penetration in hearing aids and LED displays(p.234)
- • Potential to increase product uptake by public sector units (PSUs) and government agencies(p.235)
- • Growth in healthcare and assisted healthcare devices market for hearing aids(p.234)
- • Migration pathway to NSE Main Board available with potential for expanded capital raising(p.270)
Threats
- • Dependence on China for raw material imports and exposure to trade relation risks(p.31)
- • Risk of raw material price increases and inability to pass costs to customers(p.32)
- • Intense competition from larger organized and unorganized players(p.42)
- • Vulnerability to disruption from payment delays by public sector customers(p.33)
- • Exposure to technological obsolescence in hearing aids industry(p.27)
- • Dependence on healthcare industry demand for significant portion of revenue(p.27)
- • Vulnerability to disruptions in manufacturing due to location concentration(p.34)
- • Power supply interruptions and tariff hike risks(p.42)
- • Heavy dependence on China for raw material imports creates currency and supply chain risk(p.47)
- • Foreign exchange fluctuation risk affecting operations and profitability(p.47)
- • Economic slowdown in export destinations impacts business(p.47)
- • Regulatory changes and GST implementation affecting costs(p.53)
- • Dependence on prevailing economic conditions in India(p.54)
- • Natural calamities risk affecting manufacturing and economy(p.55)
- • Terrorist attacks and civil unrest impacting markets and operations(p.55)
- • Change in trade policies and free trade agreements affecting exports(p.47)
- • Intense competition from large established players(p.151)
- • Rapidly evolving technology requiring continuous investment(p.151)
- • Heavy dependence on Chinese imports for critical components(p.151)
- • Regulatory changes impacting market access and distribution(p.151)
- • Supply chain concentration risk from few suppliers(p.142)
- • Medical device regulatory compliance requirements(p.157)
- • Heavy reliance on a few customers; revenue concentration not explicitly stated but implied by customer advance balances(p.209)
- • Competitive threat from group companies—Osel Technology Pvt Ltd and Limitless Mobility Solutions Pvt Ltd operate in the same business(p.191)
- • Exposure to foreign exchange fluctuations with USD-denominated imports (₹5,818.71 lakhs in FY2024)(p.219)
- • Exposure to employment law changes—four new labour codes pending implementation may increase compliance costs(p.163)
- • Contingent tax liabilities including TDS demand (₹7.03 lakhs) and DVAT demand (₹34.71 lakhs)(p.216)
- • Dependence on imported raw materials from China with exposure to price volatility(p.235)
- • Fragmented and highly competitive industry with low entry barriers(p.244)
- • Competition from group company engaged in similar line of business(p.235)
- • Risk of commercial success dependent on end-use customer product demand(p.235)
- • Foreign exchange and currency fluctuation risks(p.235)
- • Regulatory and tax policy changes that could increase operational costs(p.235)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rajendra Ravi Shanker Mishra | Promoter | 98.50% | 71.53% |
| Jyotsna Jawahar | Promoter | 0.00% | 0.00% |
| Rajendra Ravi Shanker Mishra | Promoter | 98.50% | 71.53% |
| Jyotsna Jawahar | Promoter | 0.00% | 0.00% |
| Rajendra Ravi Shanker Mishra | Promoter/Managing Director | — | — |
| Jyotsna Jawahar | Promoter/Wholetime Director and CFO | — | — |
| Rajendra Ravi Shanker Mishra | Promoter | 98.50% | — |
| Jyotsna Jawahar | Promoter | 0.00% | — |
| Rajendra Ravi Shanker Mishra | Promoter | — | — |
| Jyotsna Jawahar | Promoter | — | — |
Leadership
Rajendra Ravi Shanker Mishra · Managing Director
Jyotsna Jawahar · CFO
Mukesh Kumar Sinha · Whole-Time Director
Sandeep Kumar · 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.
OSEL Devices IPO FAQs
What is the lot size of OSEL Devices IPO?
The minimum lot size of OSEL Devices IPO is 800 shares. One lot costs ₹1,28,000 at the cut-off price.
When does OSEL Devices IPO open and close?
OSEL Devices IPO opened for subscription on 16 Sep 2024 and closed on 19 Sep 2024.
What is the listing date of OSEL Devices IPO?
OSEL Devices IPO listed on 24 Sep 2024.