Unimech Aerospace and Manufacturing
MainboardNSE₹500 Cr issue
+89.94%
Listing gain over issue price
Issue size
₹500 Cr
1 lot at cut-off
₹14,915
Lot size
19shares
Open
23 Dec 2024
Close
26 Dec 2024
Allotment
27 Dec 2024
Listing
31 Dec 2024
Listing performance
Issue price
₹785
Listed at
₹1,491
Listing-day close
₹1,376.25
Latest price
₹1,560.10
Close on 23 Oct 2026
Listing gain
+89.94%
Return since issue
+98.74%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 23 Dec 2024 – 26 Dec 2024
- Listing date
- 31 Dec 2024
- Face value
- ₹5 per share
- Issue price
- ₹785 per share
- Lot size
- 19 shares
- Listing at
- NSE
- Total issue size
- ₹500 Cr
- Market cap at offer price
- ₹3,992 Cr
- Promoter holding
- 91.83% → 79.82% pre-issue → post-issue
- ISIN
- INE0U3I01011
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Anand Rathi Advisors Ltd.
- Registered office
- 538, 539, 542 & 543, 7 th Main of Peenya IV Phase Industrial Area, Yeshwanthpur Hobli, Karnataka
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 | 19,05,094 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 19 shares per lot, in multiples, at ₹785
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 19 | ₹14,915 |
| Retail (max) | 13 | 247 | ₹1,93,895 |
| S-HNI (min) | 14 | 266 | ₹2,08,810 |
| S-HNI (max) | 67 | 1,273 | ₹9,99,305 |
| B-HNI (min) | 68 | 1,292 | ₹10,14,220 |
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
19,05,094
Anchor portion
₹150 Cr
at ₹785 per share
Valuation and performance
Valuation at offer price
₹785 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.19 | 15.21 |
| P/E (×) | 64.40 | 51.61 |
| Price to book (×) | 31.77 | — |
| Market cap | — | ₹3,992 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 53.53%
- ROCE
- 54.36%
- Debt / equity
- 0.32
- PAT margin
- 27.85%
- NAV per share
- ₹24.71
- Price to book
- 31.77
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Unimech Aerospace and Manufacturing
Unimech Aerospace and Manufacturing Limited, incorporated in August 2016 and converted to a public limited company in March 2024, is an export-oriented business specializing in 'build to print' and 'build to specifications' capabilities. The company supplies critical components to major OEMs and their licensees worldwide, with a diverse product portfolio focused on quality and timely delivery. More than 94% of revenue comes from the aerospace sector (aero engine tooling and airframe tooling), with over 90% from exports. Operations span two manufacturing units: Unit I in Bangalore (company facility) and Unit II operated through subsidiary Innomech in Bengaluru Aerospace SEZ. The company depends heavily on its top 10 customers who contribute over 95% of revenue.
Company Analysis
from DRHPUnimech is a global high precision engineering solutions company specializing in complex manufacturing solutions for the aerospace, defence, energy, and semiconductor industries, serving as a key link in the global supply chain for critical components.
Unimech Aerospace and Manufacturing Limited, incorporated in August 2016 and converted to a public limited company in March 2024, is an export-oriented business specializing in 'build to print' and 'build to specifications' capabilities. The company supplies critical components to major OEMs and their licensees worldwide, with a diverse product portfolio focused on quality and timely delivery. More than 94% of revenue comes from the aerospace sector (aero engine tooling and airframe tooling), with over 90% from exports. Operations span two manufacturing units: Unit I in Bangalore (company facility) and Unit II operated through subsidiary Innomech in Bengaluru Aerospace SEZ. The company depends heavily on its top 10 customers who contribute over 95% of revenue.
AerospaceDefenceEnergySemiconductor
Objects of the Issue
- Funding of capital expenditure for expansion through purchase of machineries and equipment by our Company ₹325.88 million p.19
- Funding working capital requirements of our Company ₹252.85 million p.19
- Investment in Material Subsidiary for funding of capital expenditure for expansion through purchase of machineries and equipment ₹439.43 million p.19
- Investment in Material Subsidiary for funding its working capital requirements ₹447.15 million p.19
- Investment in Material Subsidiary for repayment/prepayment of certain borrowings ₹400.00 million p.19
- General corporate purposes p.19
- Purchase of machineries & equipment by our Company p.52
- Funding working capital requirements of our Company p.52
- Investment in Material Subsidiary for purchase of machineries & equipment p.52
- Investment in Material Subsidiary for funding working capital requirements p.52
- Repayment / prepayment of borrowings availed by Material Subsidiary p.52
- General corporate purposes p.52
- Funding of capital expenditure for expansion through purchase of machineries and equipment by our Company ₹ 328.20 million p.107
- Funding working capital requirements of our Company ₹ 252.85 million p.111
- Investment in our Material Subsidiary for: (i) purchase of machineries and equipment; (ii) funding its working capital requirements; and (iii) repayment / prepayment, in full or part, of certain borrowings availed by our Material Subsidiary ₹1,288.56 million p.113
- General corporate purposes p.121
- Purchase of equipment for existing manufacturing facilities p.187
- Inorganic growth including by way of mergers, acquisitions, entering into joint venture or other modes of strategic investment ₹2,500 million p.193
Issue Structure
- Total Issue
- Up to ₹5,000.00 million
- Fresh Issue
- Up to ₹2,500.00 million (Equity Shares of face value of ₹5 each)
- Offer for Sale
- Up to ₹2,500.00 million (Equity Shares of face value of ₹5 each)
- Price Band
- [●] (to be determined)
- Lot Size
- [●] (to be determined)
- Face Value
- ₹5 per Equity Share
Business Model
Build-to-print and build-to-specifications manufacturing of precision components for aerospace, defence, energy, and semiconductor sectors; primarily B2B model based on customer purchase orders; export-oriented business generating over 90% of revenue internationally.
Business Segments
Manufacturing of aero engine tooling and airframe tooling; Ground Support Tooling Equipment (GSTE)
Manufacturing of precision engineered components with extremely low tolerances for applications like aircraft engines, turbine components, automotive engines, fuel injection systems, and nuclear power plants
Export of precision components and assemblies to aerospace, semiconductor, energy and defence customers in United States market
Export of precision components and assemblies to customers in Germany market
Sale of precision components and assemblies to domestic customers in India
Manufactures aero tooling, ground support equipment, electro-mechanical sub-assemblies and other precision engineered components for aerospace OEMs and licensees
Supplies precision engineered components to defence sector OEMs and licensees
Supplies precision engineered components to semiconductor sector
Supplies precision engineered components to energy sector OEMs and licensees
Manufacturing of aero engine tooling including engine lifting and balancing beams, assembly disassembly and calibration tooling, ground support equipment, airframe assembly platforms, and engine transportation stands used in production MRO and line maintenance activities
Manufacturing of precision components, mechanical assemblies, electro-mechanical turnkey systems, and precision engineered components for aerospace, defence, energy and semiconductor industries
Manufacture of aerospace toolings and components
Manufacturing and trading of air purifiers
Provision of upgradation and rework services
Manufacturing toolings and components to be used in the aerospace sector
SWOT Analysis
Strengths
- • Global high-precision engineering solutions company with build-to-print and build-to-specifications capabilities(p.18)
- • Export-oriented business with diverse product portfolio and strong focus on quality and timely delivery(p.18)
- • Well-positioned in Aerospace & Defence GSTE and precision component manufacturing in India serving global OEMs(p.18)
- • Significant revenue growth trajectory over last three fiscal years(p.20)
- • High capacity utilization rates demonstrate operational efficiency(p.41)
- • High-precision manufacturing capability with build-to-print and build-to-specification models(p.125)
- • Approved supplier status with leading aerospace, defence, semi-conductor and energy sector OEMs(p.125)
- • Leading Indian exporter of aerospace components with significant international revenue contribution(p.125)
- • Strong financial performance with 121.71% revenue growth in FY2024 and 27.85% profit margin(p.130)
- • High return on equity of 53.53% in FY2024 indicating efficient capital deployment(p.130)
- • Strategic geographic presence with operations in SEZ and global delivery model(p.125)
- • Advanced manufacturing capabilities for high-precision engineering solutions(p.184)
- • Established player with unique high-barrier-to-entry competitive moat(p.188)
- • Export-driven business model with 97.64% of FY2024 revenues from outside India(p.184)
- • Rapid revenue and profitability growth with CAGR of 139.7% (FY2022-FY2024)(p.185)
- • Strong financial performance with 37.93% EBITDA margin and 27.85% PAT margin in FY2024(p.185)
- • Experienced management team with 90+ years collective experience in aerospace and tooling(p.190)
- • Digital-first manufacturing with proprietary ERP system enabling end-to-end operational integration(p.187)
- • Diverse, high-mix product portfolio across multiple end-use industries(p.184)
- • Diversified manufacturing capability across aerospace, defense, space, satellite, semiconductors, and tooling sectors(p.212)
- • ISO 45001:2018 certification demonstrating safety and occupational health standards(p.213)
- • Growing financial performance with revenue increasing from ₹363.49 million (FY2022) to ₹2,087.75 million (FY2024)(p.252)
- • Established subsidiary Innomech Aerospace Toolings to expand aerospace tooling capabilities(p.213)
- • Strong management team with 13-34 years of experience across finance, operations, IT, and human resources(p.223)
- • Advanced precision manufacturing capabilities with complex build-to-print and build-to-specification expertise(p.303)
- • Strong export orientation with 97.64% of revenue from international markets(p.303)
- • Established relationships with leading global aerospace and defence OEMs(p.302)
- • Multiple manufacturing facilities with industry accreditations(p.303)
- • Significant order backlog with strong pipeline(p.303)
- • Dominant market position in aerospace tooling with no direct peer offering full product spectrum(p.306)
- • Strong and accelerating financial performance with 121.71% revenue growth in FY2024(p.316)
- • High profitability margins with EBITDA margin of 37.93% and profit margin of 27.85% in FY2024(p.307)
- • Strong return metrics with ROCE of 54.36% and ROE of 53.53% in FY2024(p.307)
- • Significant capacity expansion with installed capacity increasing 78.25% to 222,990 hours in FY2024(p.316)
- • Investment-grade credit rating from CRISIL reflecting strong market position(p.321)
Weaknesses
- • Extreme customer concentration with top 10 customers contributing over 95% of total revenue(p.33)
- • Heavy dependence on aerospace sector representing over 94% of total revenue from operations(p.33)
- • Significant portion of operations conducted through subsidiary with operational dependency(p.35)
- • History of delays in payment of statutory dues including provident fund and tax deductions(p.34)
- • Insufficient insurance coverage with 4.49% of assets uninsured as of March 31, 2024(p.35)
- • No long-term customer agreements; business dependent on purchase orders subject to cancellation(p.42)
- • High dependence on sub-contractors with limited control(p.43)
- • Delayed statutory dues and tax disputes(p.48)
- • Rising trade receivables and credit collection risk(p.48)
- • High inventory holding costs and demand forecasting risk(p.59)
- • Significant dependence on contract labour with wage liability exposure(p.57)
- • Extended working capital cycle impacting cash flows(p.53)
- • No hedging policy for foreign exchange exposure(p.62)
- • Unrecovered supplier advances and supply chain risk(p.50)
- • High customer concentration with top 5 customers representing 96.80% of revenue(p.130)
- • Significant reliance on narrow customer base with only 16 total customers(p.130)
- • Material subsidiary borrowings of ₹690.65 million as of July 31, 2024 requiring debt management(p.120)
- • High working capital requirements with cash conversion cycle of 117 days(p.130)
- • Extreme customer concentration with top 4 customers representing 96.24% of FY2024 revenues(p.189)
- • Lack of guaranteed revenue flow; order-based and project-dependent rather than program-based(p.182)
- • Heavy dependency on aerospace segment representing 99.35% of FY2024 revenues(p.191)
- • Declining gross margin from 71.97% (FY2023) to 65.90% (FY2024)(p.186)
- • Operational challenges with complex customized products and need for first-time-right manufacturing(p.182)
- • Limited presence in precision engineered components (PEC) manufacturing relative to peers(p.182)
- • Heavy dependence on personal guarantees from five promoters totaling ₹4,000 million across borrowing facilities(p.215)
- • No prior dividend history—no dividends declared in FY2022, FY2023, or FY2024(p.245)
- • Factual inaccuracy in corporate filings regarding registered office change effective date(p.212)
- • Divestment of entire subsidiary (Unimech Healthcare) in December 2023, indicating potential strategic shift or underperformance(p.214)
- • No stated significant financial or strategic partnerships as of DRHP filing date(p.213)
- • Extreme customer concentration with top 10 customers representing 99.45% of revenue(p.304)
- • High dependence on top 3 customers representing 94.09% of revenue(p.304)
- • Significant leverage with net debt-to-equity ratio of 0.21(p.291)
- • Longevity bonus liabilities recorded for key management personnel(p.288)
- • High provision for litigations amounting to ₹32.04 million as at March 31, 2024(p.276)
- • Severe customer concentration with top 10 customers representing 99.45% of revenue(p.307)
- • High reliance on top 5 customers for 96.80% of total revenue, creating customer loss risk(p.307)
- • Limited number of customers (16) creates vulnerability to customer concentration(p.307)
- • Increasing leverage with total borrowings of ₹288.56 million in FY2024 versus ₹222.59 million in FY2023(p.318)
- • Significant capital expenditure requirements with ₹277.99 million spent on capex in FY2024(p.321)
- • Long working capital cycle of 117 days in FY2024 reflecting high inventory and receivables(p.307)
Opportunities
- • Growing demand drivers for Ground Support Tooling Equipment including increased air travel and aircraft maintenance cycles(p.18)
- • Expansion of manufacturing capacity to meet growing demand from existing customers(p.41)
- • New land allotment for future facility expansion in Devanahalli General Industrial Area(p.41)
- • Precision Engineered Components market serving multiple high-value industries including aerospace, energy and semiconductors(p.18)
- • Expansion into new export markets beyond current concentration(p.66)
- • Growth in aerospace, semiconductor, energy and defence sectors(p.54)
- • Capacity utilization improvements at expanded manufacturing facilities(p.54)
- • Capacity expansion to support increasing customer demand with plans to reach higher utilization levels(p.107)
- • Material Subsidiary capacity expansion utilizing 93.62% of installed capacity with significant headroom(p.113)
- • Growth in global aerospace sector with commercial aircraft deliveries projected to reach 1,850 units by 2028(p.152)
- • China+1 strategy creating demand shift away from Chinese manufacturing towards countries like India(p.149)
- • India's Make in India program targeting aerospace sector with government support and FDI attraction(p.150)
- • Expansion of manufacturing sector in India with share projected to grow from 15% to 22% of GDP by 2030(p.148)
- • Significant aircraft fleet expansion in Asia-Pacific region with 11,925 new aircraft by 2042(p.184)
- • Growth of MRO (maintenance, repair, overhaul) market with no international engine MRO players in India(p.192)
- • Expansion opportunity in USA market as largest aerospace & precision components market(p.191)
- • Emerging opportunity in India's semiconductor manufacturing equipment market(p.192)
- • India's nuclear power expansion with 11 new stations expected and government capacity additions(p.168)
- • Engine MRO segment fastest-growing market with 4.5% CAGR and expected growth to 49% of total MRO market(p.158)
- • Global MRO market shift from mature North America/Europe to high-growth India and China(p.159)
- • Organic growth through expanding manufacturing capacity and new Tech Park facility(p.192)
- • Expansion into renewable energy generation via conventional and non-conventional methods as per MOA(p.212)
- • Growing aerospace and defense sector demand reflected in significant revenue growth from ₹363.49 million to ₹2,087.75 million(p.252)
- • Provision for engineering, technology and designing services to support broader value chain participation(p.212)
- • International expansion through U.S.-based subsidiary (Unimech Global Manufacturing Solutions Inc.) incorporated in Delaware(p.217)
- • SEZ status benefits including 100% income tax exemption for first five years and 50% exemption for next five years on export income(p.209)
- • Growing global aerospace sector demand with increasing aircraft production(p.302)
- • Expansion into new geographic markets and customer diversification(p.305)
- • Increased defense spending and government procurement initiatives(p.303)
- • Growing demand for precision components in semi-conductor and energy sectors(p.303)
- • Potential for localization of aerospace production favoring established manufacturers(p.305)
- • Expansion into high-growth aerospace and defence manufacturing sector globally(p.306)
- • Geographic diversification with presence in 5 countries and growing export revenue(p.306)
- • Capacity expansion to 222,990 hours enabling significant revenue growth potential(p.307)
- • Strong order pipeline with 70.10% increase in purchase orders to 3,174 in FY2024(p.316)
- • Increasing demand from existing customers evidenced by 131.56% growth in sales of goods(p.317)
Threats
- • Extreme export dependency with over 90% of revenue from export markets subject to external economic conditions(p.36)
- • Aerospace sector cyclicality and volatility affecting demand for products(p.37)
- • Exposure to foreign exchange and regulatory risks in key export markets (US, Germany, UK)(p.37)
- • Volatility in cost and availability of imported standard parts and raw materials(p.38)
- • Dependence on sub-contractors without exclusive arrangements risking quality and delivery delays(p.42)
- • Leasehold property arrangements with renewal risks and dependence on Karnataka Industrial Areas Development Board terms(p.40)
- • Risks and delays associated with export regulations and customs clearance(p.51)
- • Supply chain disruptions and raw material price volatility(p.50)
- • Hazardous manufacturing operations creating safety and liability risks(p.51)
- • Stringent environmental and labour law compliance requirements(p.58)
- • Global economic slowdown and reduced aerospace/defence spending(p.68)
- • Foreign exchange rate fluctuations affecting export competitiveness(p.62)
- • Concentration of revenue in single customer (US market at 92.19%)(p.66)
- • Technological obsolescence and rapid market changes in aerospace and defence(p.54)
- • Global economic growth uncertainty with moderation forecasted at 3.2% for 2024-2025(p.145)
- • Aerospace sector cyclicality dependent on commercial air travel passenger volumes and tourism recovery(p.151)
- • Geopolitical risks affecting supply chains and manufacturing operations(p.145)
- • Currency fluctuation risks with international transactions and USD-denominated equipment purchases(p.110)
- • Competitive pressure in precision engineering from global aerospace suppliers including European manufacturers(p.150)
- • Boeing production issues impacting narrow-body aircraft supply chain demand(p.182)
- • Global commercial aircraft deliveries volatile with significant drop in 2020 (723 units vs 1,606 in 2018)(p.153)
- • Intense competition from established European and American aerospace tooling manufacturers(p.203)
- • Geopolitical risks affecting defense sector despite government support for indigenous programs(p.155)
- • Unfavorable lease arrangements for manufacturing facilities with renewal risks(p.204)
- • Cyclicality and downturns in commercial aviation industry affecting MRO and tooling demand(p.158)
- • High capital intensity and infrastructure requirements as barrier to scale but also competitive pressure(p.188)
- • Highly complex and evolving regulatory environment including labor law consolidations and environmental compliance requirements(p.207)
- • Environmental compliance obligations including hazardous waste management, air and water pollution control with fines up to ₹100,000 or imprisonment up to 7 years(p.208)
- • E-Waste management compliance creating manufacturing and liability obligations for producers and importers(p.209)
- • Foreign investment restrictions limiting single FPI holdings to below 10% of post-Offer Equity Share capital(p.210)
- • Continued dependence on complex import-export regulations requiring IEC maintenance and DGFT compliance(p.210)
- • Cyclical fluctuations in aerospace and defence industries affecting demand(p.303)
- • Economic downturns and reduced defence budgets impacting customer demand(p.303)
- • Rapid technological obsolescence and need for continuous capital investment(p.304)
- • Volatility in raw material prices affecting profitability(p.305)
- • Supply chain disruptions and dependence on third-party suppliers without long-term contracts(p.305)
- • Significant foreign exchange risk from 97.64% of revenues derived from exports(p.306)
- • Lack of formal hedging policy exposing company to unmitigated foreign currency fluctuations(p.306)
- • Cyclical exposure in aerospace and defence end-markets creating revenue volatility(p.321)
- • Intense competition from listed peers in aerospace and defence manufacturing(p.306)
- • Dependence on raw material availability and price volatility affecting profitability(p.324)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anil Kumar P | Promoter | 27.99% | — |
| Ramakrishna Kamojhala | Promoter/Selling Shareholder | 16.53% | — |
| Mani P | Promoter/Selling Shareholder | 16.53% | — |
| Rajanikanth Balaraman | Promoter/Selling Shareholder | 16.53% | — |
| Preetham S V | Promoter/Selling Shareholder | 11.02% | — |
| Rasmi Anil Kumar | Promoter Group Selling Shareholder | 3.23% | — |
| Ramakrishna Kamojhala | Promoter | — | — |
| Mani P | Promoter | — | — |
| Preetham S V | Promoter | — | — |
| Rasmi Anil Kumar | Promoter | — | — |
| Rajanikanth Balaraman | Promoter | — | — |
| Anil Kumar P | Promoter | 27.99% | — |
| Ramakrishna Kamojhala | Promoter | 16.53% | — |
| Mani P | Promoter | 16.53% | — |
| Rajanikanth Balaraman | Promoter | 16.53% | — |
| Preetham S V | Promoter | 11.02% | — |
| Rasmi Anil Kumar | Promoter Group | 3.23% | — |
| Anil P | Promoter | — | — |
| Mani P | Promoter | — | — |
| Ramakrishna Kamojhala | Promoter | — | — |
| Preetham S V | Promoter | — | — |
| Rajanikanth Balaraman | Promoter | — | — |
| Anil Kumar P | Promoter | 27.99% | — |
| Ramakrishna Kamojhala | Promoter | 16.53% | — |
| Mani P | Promoter | 16.53% | — |
| Rajanikanth Balaraman | Promoter | 16.53% | — |
| Preetham S V | Promoter | 11.02% | — |
| Anil Kumar Puttan | Promoter | 30.32% | — |
| Ramakrishna Kamojhala | Promoter | 17.91% | — |
| Mani Puttan | Promoter | 17.91% | — |
| Preetham Shimoga | Promoter | 11.94% | — |
| Rajanikanth Balaraman | Promoter | 17.91% | — |
| Rashmi Anil Kumar Puttan | Promoter | 3.50% | — |
| Ramakrishna Kamojhala | Promoter | — | — |
| Mani P | Promoter | — | — |
| Ramakrishna Kamojhala | Promoter Selling Shareholder | — | — |
| Mani P | Promoter Selling Shareholder | — | — |
| Rajanikanth Balaraman | Promoter Selling Shareholder | — | — |
| Preetham S V | Promoter Selling Shareholder | — | — |
| Rasmi Anil Kumar | Promoter Group Selling Shareholder | — | — |
Leadership
Anil Kumar P · Chairman and Managing Director
Ramakrishna Kamojhala · Chief Financial Officer
Krishnappayya Desai · Company Secretary and Compliance Officer
Auto-extracted from the company's DRHP 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 DRHP before relying on it.
Offer documents
Unimech Aerospace and Manufacturing IPO FAQs
What is the lot size of Unimech Aerospace and Manufacturing IPO?
The minimum lot size of Unimech Aerospace and Manufacturing IPO is 19 shares. One lot costs ₹14,915 at the cut-off price.
When does Unimech Aerospace and Manufacturing IPO open and close?
Unimech Aerospace and Manufacturing IPO opened for subscription on 23 Dec 2024 and closed on 26 Dec 2024.
What is the listing date of Unimech Aerospace and Manufacturing IPO?
Unimech Aerospace and Manufacturing IPO listed on 31 Dec 2024.