Saakshi Medtech & Panels
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Sep 2023 – 27 Sep 2023
- Listing date
- 03 Oct 2023
- Face value
- ₹10 per share
- Issue price
- ₹97 per share
- Lot size
- 1,200 shares
- Total issue size
- ₹45.16 Cr
- Market cap at offer price
- ₹171 Cr
- Promoter holding
- 100.00% → 73.63% pre-issue → post-issue
- ISIN
- INE0PSK01027
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Plot No.EL-23, J Block, MIDC Industrial Area, Bhosari, 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 | 13,24,800 | — | — |
| Market maker | 2,35,200 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹97
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,16,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,32,800 |
| S-HNI (max) | 8 | 9,600 | ₹9,31,200 |
| B-HNI (min) | 9 | 10,800 | ₹10,47,600 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.53 | — |
| P/E (×) | 10.18 | — |
| Market cap | — | ₹171 Cr |
Key performance indicators
- Return on net worth
- 29.32%
- ROCE
- 28.57%
- Debt / equity
- 0.48
- PAT margin
- 10.15%
- NAV per share
- ₹32.49
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Saakshi Medtech & Panels
Saakshi Medtech and Panels Limited (formerly Saakshi Machine and Tools Private Limited) was incorporated on March 25, 2009 and took over the business of M/s Supreme Industry in January 2012. The company was converted to public limited status in June 2023. The company operates three manufacturing facilities in Pune and manufactures a diversified product portfolio including electrical control panels and cabinets for elevators, air compressors, renewable energy, oil & gas, and EV charging stations; medical X-ray systems for healthcare; locomotive fabrication works; and wire harnesses. The company leverages in-house engineering and design capabilities to deliver customized products and solutions across multiple sectors, with revenue from operations of ₹12,220.19 lakhs in FY 2023.
Company Analysis
from RHPSaakshi Medtech and Panels Limited manufactures electrical control panels, medical X-ray systems, locomotive fabrication components, and wire harnesses across healthcare, renewable energy, oil & gas, EV charging, and transportation sectors.
Saakshi Medtech and Panels Limited (formerly Saakshi Machine and Tools Private Limited) was incorporated on March 25, 2009 and took over the business of M/s Supreme Industry in January 2012. The company was converted to public limited status in June 2023. The company operates three manufacturing facilities in Pune and manufactures a diversified product portfolio including electrical control panels and cabinets for elevators, air compressors, renewable energy, oil & gas, and EV charging stations; medical X-ray systems for healthcare; locomotive fabrication works; and wire harnesses. The company leverages in-house engineering and design capabilities to deliver customized products and solutions across multiple sectors, with revenue from operations of ₹12,220.19 lakhs in FY 2023.
Objects of the Issue
- Repayment in full or in part, of certain outstanding borrowings ₹500.00 lakhs p.23
- Funding to meet working capital requirements ₹2,550.00 lakhs p.23
- General Corporate Purpose p.23
- Repayment in full or in part, of certain of our outstanding borrowings ₹500.00 Lakhs p.74
- Funding to meet working capital requirements ₹2,550.00 Lakhs p.74
- General Corporate Purpose p.74
- The Objects of the Offer section is not provided in this part of the document (pages 164-231). The document states this is Part 4 of 6, and the Objects of the Offer section may be located in another part of the DRHP/RHP.
Issue Structure
- Total Issue
- Up to ₹[●] lakhs (46,56,000 equity shares at ₹[●] per share)
- Fresh Issue
- Up to 46,56,000 Equity Shares of face value of ₹10 each at ₹[●] per share
- Offer for Sale
- Not Applicable - entire issue is fresh issue
- Price Band
- Floor Price: ₹[●]; Cap Price: ₹[●]
- Lot Size
- [●] equity shares and in multiples of [●] equity shares
- Face Value
- ₹10 per equity share
Business Model
The company manufactures and supplies complex machined components and specialized products primarily to OEMs in India. It earns revenue through direct supply to Original Equipment Manufacturers (OEMs) in multiple sectors. The business is dependent on key customers for significant portions of sales; top five customers contributed 93.08% of revenue from operations in FY 2023. The company sources raw materials locally (mild steel, stainless steel, copper, aluminum) and internationally (weld nuts, bolts, rivets, imported components), with raw material and components consumption representing 60.57% of revenue in FY 2023.
Business Segments
SWOT Analysis
- • Diversified product portfolio across multiple industries(p.23)
- • In-house engineering and design capabilities(p.23)
- • Established manufacturing infrastructure with three facilities(p.33)
- • Diversified product range across multiple industries(p.74)
- • In-house engineering and design capabilities(p.74)
- • Strong revenue and profitability growth(p.84)
- • Healthy EBITDA margins(p.84)
- • Strong return on net worth(p.84)
- • Significant growth in net worth(p.84)
- • Diversified product portfolio across industrial automation, medical X-ray, and locomotives(p.203)
- • Strong certifications validating quality and manufacturing standards(p.203)
- • Regulatory approval for medical device manufacturing(p.203)
- • In-house engineering and design capabilities enabling diversified solutions(p.203)
- • Long-term supply agreements with marquee OEM customers(p.203)
- • Strong financial growth with improving profitability margins(p.207)
- • High customer concentration risk(p.27)
- • Lack of long-term customer agreements(p.27)
- • Heavy dependence on Electrical Control Panels revenue(p.28)
- • Working capital-intensive business model(p.30)
- • Dependence on third-party transportation providers(p.33)
- • Manufacturing facilities located on leased premises(p.32)
- • High raw material costs relative to revenue(p.32)
- • Significant borrowings from limited lenders(p.42)
- • Substantial outstanding borrowings(p.76)
- • High dependence on customer credit terms(p.78)
- • Concentration of operations in single location(p.45)
- • Reliance on external capital for working capital(p.77)
- • High dependence on concentrated customer base(p.210)
- • Significant leverage and debt obligations(p.212)
- • Litigation involving promoter/related party(p.213)
- • Dependence on key imported components and raw materials(p.203)
- • Growing Indian machine tool and equipment market(p.23)
- • Expanding medical devices sector in India(p.23)
- • Growing electric vehicle market in India(p.23)
- • Expected growth in auto components industry(p.23)
- • Rapidly expanding medical equipment market(p.23)
- • Significant growth in Indian capital goods and engineering sector(p.93)
- • Strong government support for infrastructure development(p.94)
- • Rapid growth in renewable energy sector(p.97)
- • Expanding electric vehicle market(p.96)
- • Growing medical devices market(p.100)
- • Rapid Indian Railways expansion and modernization(p.102)
- • Strong growth in electrical equipment segment(p.93)
- • Expansion into aerospace sector with newly acquired certifications(p.203)
- • Growing renewable energy and EV charging infrastructure markets(p.203)
- • Expansion of backward integration capabilities(p.203)
- • Pricing pressure from customers(p.28)
- • Volatility in raw material prices(p.31)
- • Intensity of competition in industry(p.41)
- • Rapid technological change and product obsolescence risk(p.37)
- • Dependence on government policies supporting renewable energy(p.37)
- • Foreign exchange fluctuation risks(p.38)
- • Rising interest rate risks(p.38)
- • Regulatory and compliance risks(p.33)
- • Global financial market instability affecting India(p.44)
- • Geopolitical tensions impacting global trade(p.44)
- • Slowdown in Chinese economy and India-China relations(p.44)
- • Fluctuations in metal prices and supply disruptions(p.45)
- • Risk of changes in labour laws(p.45)
- • COVID-19 pandemic uncertainty and economic slowdown(p.44)
- • Slowdown in Indian economic growth(p.45)
- • Regulatory and tax law changes(p.45)
- • Natural calamities impacting operations(p.46)
- • Political instability in India(p.46)
- • Foreign exchange volatility affecting imported materials costs(p.166)
- • Competitive industrial manufacturing and medical device markets(p.210)
- • Regulatory and compliance risks in medical device manufacturing(p.204)
- • Customer concentration risk with top 5 customers representing 90%+ revenue(p.210)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Aniket Vijay Latkar | Promoter | 5.00% | 3.68% |
| Chitra Vijay Latkar | Promoter | 90.00% | 66.27% |
| Mayuri Aniket Latkar | Promoter Group | 5.00% | 3.68% |
| Chitra Vijay Latkar | Promoter | 90.00% | 66.27% |
| Aniket Vijay Latkar | Promoter | 5.00% | 3.68% |
| Mayuri Aniket Latkar | Promoter Group | 5.00% | 3.68% |
| Aniket Vijay Latkar | Promoter | 5.00% | — |
| Chitra Vijay Latkar | Promoter | 90.00% | — |
| Smt. Chitra Vijay Latkar | Promoter | 90% | — |
| Mr. Aniket Vijay Latkar | Promoter | 5% | — |
| Mrs. Mayuri Aniket Latkar | Promoter | 5% | — |
Leadership
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.