Uniparts India
Mainboard₹836 Cr issue
-0.35%
Listing gain over issue price
Issue size
₹836 Cr
1 lot at cut-off
₹14,425
Lot size
25shares
Open
30 Nov 2022
Close
02 Dec 2022
Allotment
07 Dec 2022
Listing
12 Dec 2022
Listing performance
Issue price
₹577
Listed at
₹575
Listing-day close
₹539.65
Latest price
₹686.35
Close on 23 Oct 2026
Listing gain
-0.35%
Return since issue
+18.95%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Nov 2022 – 02 Dec 2022
- Listing date
- 12 Dec 2022
- Face value
- ₹10 per share
- Issue price
- ₹577 per share
- Lot size
- 25 shares
- Total issue size
- ₹836 Cr
- Market cap at offer price
- ₹2,604 Cr
- Promoter holding
- 75.54% → 65.79% pre-issue → post-issue
- ISIN
- INE244O01017
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Gripwel House, Block 5, Sector C6 &7, VasantKunj, 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 | 43,44,582 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 25 shares per lot, in multiples, at ₹577
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 25 | ₹14,425 |
| Retail (max) | 13 | 325 | ₹1,87,525 |
| S-HNI (min) | 14 | 350 | ₹2,01,950 |
| S-HNI (max) | 69 | 1,725 | ₹9,95,325 |
| B-HNI (min) | 70 | 1,750 | ₹10,09,750 |
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
43,44,582
Anchor portion
₹251 Cr
at ₹577 per share
Valuation and performance
Valuation at offer price
₹577 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 37.74 | — |
| P/E (×) | 15.29 | — |
| Market cap | — | ₹2,604 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 24.35%
- ROCE
- 31.00%
- Debt / equity
- 0.19
- PAT margin
- 13.60%
- EBITDA margin
- 22.13%
- NAV per share
- ₹151.82
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Uniparts India
Uniparts India Limited, incorporated in 1994 and headquartered in Delhi, is a concept-to-supply manufacturer of engineered systems and solutions for the off-highway market. The company is one of the leading suppliers of systems and components for agriculture, construction, forestry and mining (CFM) sectors, with a presence across over 25 countries. The company manufactures core product verticals of 3-point linkage systems (3PL) and precision machined parts (PMP), as well as adjacent verticals including power take-off (PTO), fabrications, and hydraulic cylinders. The company has global operations with manufacturing facilities in India (Noida, Visakhapatnam, Ludhiana), the United States (Eldridge, Iowa), and Germany. Revenue from operations was ₹12,274.24 million in FY2022 and ₹3,468.41 million in Q1 FY2023.
Company Analysis
from RHPUniparts is a global manufacturer of engineered systems and precision products for off-highway vehicles (agriculture, construction/forestry/mining) operating across 25+ countries with core verticals in 3-point linkage systems and precision machined parts.
Uniparts India Limited, incorporated in 1994 and headquartered in Delhi, is a concept-to-supply manufacturer of engineered systems and solutions for the off-highway market. The company is one of the leading suppliers of systems and components for agriculture, construction, forestry and mining (CFM) sectors, with a presence across over 25 countries. The company manufactures core product verticals of 3-point linkage systems (3PL) and precision machined parts (PMP), as well as adjacent verticals including power take-off (PTO), fabrications, and hydraulic cylinders. The company has global operations with manufacturing facilities in India (Noida, Visakhapatnam, Ludhiana), the United States (Eldridge, Iowa), and Germany. Revenue from operations was ₹12,274.24 million in FY2022 and ₹3,468.41 million in Q1 FY2023.
off-highway vehicle components and systemsprecision machined parts3-point linkage systemsagriculture equipmentconstruction, forestry and mining equipment
Objects of the Issue
- Offer for Sale by Selling Shareholders and achieve benefits of listing on Stock Exchanges ₹8,356.08 million p.20
- No proceeds to the company p.86
- Offer for Sale by Selling Shareholders. The Company will not receive any proceeds from the Offer and all such proceeds (net of any Offer related expenses to be borne by the Selling Shareholders) will go to the Selling Shareholders. p.114
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges, including enhanced visibility and brand image, liquidity to shareholders, and provision of a public market for the Equity Shares in India. p.114
Issue Structure
- Total Issue
- 14,481,942 Equity Shares aggregating to ₹8,356.08 million
- Fresh Issue
- Nil (100% Offer for Sale)
- Offer for Sale
- 14,481,942 Equity Shares aggregating to ₹8,356.08 million
- Price Band
- ₹548 to ₹577 per Equity Share
- Lot Size
- 25 Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
Uniparts earns revenue primarily from sales to Original Equipment Manufacturers (OEMs) in the off-highway vehicle sector, representing 77-81% of revenues across the period. The company operates through international sales (80-83% of revenue), local deliveries, direct exports, and warehouse sales. Revenue streams include sales of engineered components and systems for agricultural tractors and construction/forestry/mining equipment globally.
Business Segments
Core product vertical for precision linkage systems for off-highway vehicles in agriculture and CFM sectors
Core product vertical for precision machined parts for articulated joints and other off-highway applications
Adjacent product vertical providing power transmission systems for off-highway vehicles
Adjacent product vertical providing hydraulic cylinder components for off-highway equipment
Adjacent product vertical providing fabricated components and assemblies for off-highway vehicles
Manufacturing facility
Manufacturing facility
Systems attached to hitch implements on tractors consisting of different assemblies that form a group of assemblies allowing attaching an implement like a plough to the tractor at 3 coupling points forming a triangle. These are engineered customised to each tractor model and region.
Components requiring stringent material and manufacturing specifications used in articulated joints across construction, forestry and mining equipment. These include precision machined components such as pins, bushes and bosses. These are structural and load bearing parts subject to strict tolerances and specifications.
Power take-off (PTO) systems, fabrications, and hydraulic cylinders or components that complement core 3PL and PMP products.
Provides replacements of 3PL parts and add-on components to end users over the full life cycle of equipment after original purchase, serving organized aftermarket retailers and distributors in North America, Europe, South Africa and Australia.
Systems for attaching implements to tractors, comprising lower arms (draft links), lift rods, hydraulic lift arms, top link (center link), and stabilizer systems. Features vary by design: Standard (basic design for low horsepower), Telescopic (slip-end disengagement), Quick Coupler (operator-controlled connection from cab), and Frame Coupler (North American specification).
High-precision components requiring stringent material and manufacturing specifications used in OHVs ranging from engine parts and transmission components to joints in agricultural and construction applications. The majority of construction PMPs are used in articulated joints (hinges) where arms, booms and cylinders are attached. Parts vary in weight from less than 1kg to over 100kg depending on application.
Linear actuators that generate mechanical motion powered by hydraulic fluid. Includes double-acting cylinders (powered to extend or reduce length) and single-acting cylinders (powered in one direction only). Applications include hydraulic top links (3PL retrofits), lift cylinders (tractor hydraulic lifts), and components that interface with PMP applications.
Devices that transmit power from tractors to implements such as rotary tillers, mowers and other equipment. Low-speed shafts operating at 540-1,000 rpm comprising joints at each side, telescopic members, overload clutch for protection, and safety guard. Subject to international safety norms compliance.
Structural and component parts for agriculture and construction equipment ranging from large structural parts and chassis to small and medium-sized pieces with varying design specifications. Examples include hitch frames, A-frames, front-end loader parts, grain lifters, engine frames, and trailer hitches. Manufacturing processes include cutting, bending, robotic and regular welding, and surface finishing.
Products for tractors and agricultural equipment sold to OEMs and aftermarket customers primarily in tractor-powered implement systems.
Products for construction equipment, material handling, and farm machinery sectors, including components for excavators, loaders, and other heavy equipment.
3-PL systems consist of different assemblies that are attached to an agricultural tractor. It forms a group of assemblies allowing attaching an implement like a plough to the tractor at 3 coupling points. The systems are engineered customised to each tractor model and region in which the tractor is used as the specifications vary from region to region.
PMP is a group of products that are components requiring stringent material and manufacturing specifications and controls. These include among others, precision machined components such as pins, bushes and bosses used in articulated joints. These are structural and load bearing parts of the equipment and are subject to strict tolerances, specifications and process controls.
Power take-off components for off-highway vehicles
Fabricated components for off-highway vehicles
Hydraulic cylinders and components thereof
SWOT Analysis
Strengths
- • Global presence across 25+ countries in off-highway market(p.20)
- • Integrated concept-to-supply player across value chain(p.20)
- • Diversified product portfolio across core and adjacent verticals(p.20)
- • Leading global market position in 3PL and PMP for off-highway vehicles(p.159)
- • Significant market share in core product categories(p.159)
- • Vertically integrated manufacturing with comprehensive capabilities(p.162)
- • Dual-shore manufacturing model enabling cost optimization(p.163)
- • Long-standing customer relationships with global OEMs(p.164)
- • Strategically located global manufacturing footprint(p.165)
- • Strong and improving financial metrics(p.166)
- • Experienced promoters with deep industry expertise(p.166)
- • Diversified global customer base with long-standing relationships(p.180)
- • Integrated end-to-end precision engineering capabilities(p.175)
- • Dual-shore global business model with multiple delivery options(p.176)
- • Strong margin expansion trajectory(p.167)
- • Established manufacturing and warehousing infrastructure across six continents(p.180)
- • Expertise in value engineering and process innovation(p.179)
- • Leading global market position in 3PL and PMP products(p.370)
- • Integrated engineering solutions from conceptualization to manufacturing(p.371)
- • Established long-term customer relationships with global OEMs(p.371)
- • Scalable global business model with dual-shore integrated manufacturing(p.372)
- • Experienced promoter and management team with global sector expertise(p.372)
- • Strong profitability improvement trajectory(p.372)
- • Decreasing leverage and improved debt position(p.373)
- • Strong revenue growth and EBITDA margin expansion(p.391)
- • High proportion of export sales and international revenue generation(p.390)
- • Improved profitability and earnings growth(p.394)
- • Strengthened balance sheet and improved liquidity(p.400)
- • Efficient cost management and operational improvements(p.393)
Weaknesses
- • Heavy dependence on limited number of customers(p.31)
- • High dependence on steel raw material costs(p.34)
- • Significant reliance on top suppliers for raw materials(p.34)
- • Will not receive proceeds from Offer for Sale(p.34)
- • Substantial foreign currency borrowings exposure(p.35)
- • Limited presence in major Asia-Pacific markets including China(p.45)
- • History of regulatory approval delays(p.46)
- • High reliance on short-term borrowings; 92.23% of indebtedness at floating interest rates(p.50)
- • Significant short-term borrowing dependency; working capital intensive business model(p.49)
- • Reliance on third-party suppliers and sub-contractors; vulnerability to supply chain disruptions(p.48)
- • High inventory levels and risk of obsolescence; capital tied up in slow-moving inventory(p.57)
- • Dependence on key customers and OHV models; discontinuation risk can materially impact sales(p.58)
- • Significant under-utilization risk at some manufacturing facilities(p.59)
- • Key managerial personnel attrition risk; loss of key executives could impair business(p.50)
- • High customer concentration risk(p.165)
- • Top five customers represent over half of revenues(p.165)
- • Significant revenue concentration in USA market(p.165)
- • Heavy dependence on top 10 customers for revenue(p.180)
- • Significant concentration with single largest customer(p.180)
- • High inventory levels required to mitigate raw material price risks(p.179)
- • Significant capital requirements for facilities and equipment(p.176)
- • High customer concentration risk(p.374)
- • Significant raw material cost dependency on steel(p.375)
- • Mandatory annual cost reductions demanded by key OEM customers(p.374)
- • Time lag between raw material cost changes and product price adjustments(p.375)
- • High employee benefits expense relative to revenue(p.375)
- • Increased inventory requirements from warehouse sales strategy(p.374)
- • Contingent tax liabilities and regulatory disputes(p.401)
- • Pending regulatory compliance matters at manufacturing facilities(p.405)
- • Outstanding litigation with no certainty of resolution(p.407)
- • Significant working capital requirements and inventory management(p.400)
Opportunities
- • Growth in global 3PL market(p.20)
- • Expanding PMP market opportunity(p.20)
- • Infrastructure-driven growth in Europe and India(p.44)
- • Expansion of manufacturing, distribution and sales presence in international markets(p.47)
- • Strong historical profit growth trajectory and expanding margins(p.54)
- • Improved working capital management and reducing inventory days(p.49)
- • Geographic expansion and market diversification strategy through new markets and customers(p.58)
- • Tax benefits from SEZ operations providing profitability advantage(p.66)
- • Value engineering and process innovation capabilities to enhance margins(p.61)
- • Capacity expansion investments creating growth potential(p.59)
- • Strong projected growth in global 3PL and PMP markets(p.162)
- • Major infrastructure spending in North America(p.162)
- • India's growing tractor and construction equipment production(p.142)
- • Expanding customer base from recent acquisitions(p.164)
- • Expansion into higher horsepower tractor segment and adjacent products(p.167)
- • Growth in global 3PL and PMP markets(p.167)
- • Cross-selling to multiple locations of existing customers(p.167)
- • Exploration of adjacent vehicle types in aftermarket and OEM segments(p.167)
- • Infrastructure investment tailwinds in European and Indian construction sectors(p.168)
- • Growth potential in aftermarket segment with retail chains(p.167)
- • Strategic inorganic growth through acquisitions, particularly in Europe and USA(p.168)
- • Growing global 3PL market with projected 6-8% CAGR through 2026(p.371)
- • Strong PMP market growth driven by construction equipment production(p.371)
- • Mechanization growth in agriculture and CFM sectors in emerging markets(p.371)
- • Strategic shift to higher-margin Warehouse Sales model(p.373)
- • Significant gap in 3PL demand concentration between tractor production and mature markets(p.371)
- • Expansion of aftermarket segment access through retail store chains(p.371)
- • Expansion of direct export capacity and market reach(p.391)
- • Capacity expansion through capital investments(p.402)
- • Growing demand for OHV linkage components in export markets(p.390)
Threats
- • Cyclical effects in agriculture and CFM sectors(p.36)
- • Volatility in commodity prices and raw material costs(p.34)
- • Foreign exchange rate fluctuations impact(p.35)
- • Geopolitical disruptions affecting supply chain(p.34)
- • Downward revision in PMP industry growth forecasts(p.44)
- • Slowing construction equipment industry growth(p.44)
- • COVID-19 pandemic ongoing impacts(p.39)
- • Regulatory and compliance risks across multiple jurisdictions(p.46)
- • Intense competition from larger competitors with greater resources(p.60)
- • Commodity price volatility and forex fluctuation impacts on profitability(p.56)
- • Global economic conditions and financial market instability affecting demand(p.68)
- • Regulatory compliance burden; stricter labour and environmental laws could increase costs(p.54)
- • Interest rate risk on floating-rate borrowings; potential margin compression(p.50)
- • Dependence on electricity, water and fuel; supply disruptions could halt production(p.56)
- • Seasonality in operations affecting quarterly results and cash flows(p.54)
- • Potential loss of SEZ tax benefits or regulatory changes affecting SEZ operations(p.66)
- • Global economic slowdown and recession risks(p.125)
- • Commodity price volatility affecting raw material costs(p.125)
- • China construction equipment market slowdown(p.149)
- • Trade and geopolitical uncertainties(p.147)
- • Vulnerability to overall macroeconomic factors and tractor demand cycles(p.183)
- • Exposure to raw material price volatility, particularly steel(p.179)
- • Significant competitive rivalry from multiple global and regional players(p.183)
- • Foreign exchange and freight cost exposure(p.180)
- • International tractor industry cyclicality and demand uncertainty(p.183)
- • Cyclical nature of agriculture and CFM industries affecting demand(p.373)
- • OEM production cuts in response to economic downturns(p.373)
- • Seasonal trends and adverse weather impacts on agriculture sector(p.375)
- • Volatile raw material commodity prices beyond company control(p.375)
- • Foreign exchange rate fluctuation risks from global operations(p.376)
- • Inability to fully pass foreign exchange losses to customers(p.376)
- • Volatility in new housing construction and recessionary economic trends(p.373)
- • New Indian labor and safety regulations increasing compliance costs(p.375)
- • Regulatory and environmental compliance risks(p.405)
- • Commodity price volatility and input cost pressures(p.403)
- • Foreign exchange exposure from international operations(p.403)
- • Interest rate and credit risks from financing activities(p.403)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Gurdeep Soni | Promoter | 19.93% | 19.93% |
| Paramjit Singh Soni | Promoter | 0.44% | 0.44% |
| Gurdeep Soni | Promoter/Chairman and Managing Director | — | — |
| Paramjit Singh Soni | Promoter/Executive Director and Vice Chairman | — | — |
| The Karan Soni 2018 CG-NG Nevada Trust | Promoter Group Selling Shareholder | — | — |
| The Meher Soni 2018 CG-NG Nevada Trust | Promoter Group Selling Shareholder | — | — |
| Pamela Soni | Promoter Group Selling Shareholder | — | — |
| Gurdeep Soni | Promoter | 19.93% | 19.93% |
| Paramjit Singh Soni | Promoter | 0.44% | 0.44% |
| Gurdeep Soni | Promoter | 19.93% | — |
| Paramjit Singh Soni | Promoter | 0.44% | — |
| Gurdeep Soni | Promoter | 19.93% | — |
| Ashoka Investment | Promoter Group | 15.91% | — |
| The Paramjit Soni 2018 CG-NG Nevada Trust (through Peak Trust Company-NV) | Promoter Group | 14.17% | — |
| The Karan Soni 2018 CG-NG Nevada Trust (through Peak Trust Company-NV) | Promoter Group | 11.52% | — |
| The Meher Soni 2018 CG-NG Nevada Trust (through Peak Trust Company-NV) | Promoter Group | 11.52% | — |
| Pamela Soni | Promoter/Promoter Group | 6.65% | — |
| Gurdeep Soni | Promoter/Chairman & Managing Director | — | — |
| Paramjit Singh Soni | Promoter/Vice Chairman & Director | — | — |
| Ashoka Investment Holdings Limited | Selling Shareholder | — | — |
| Ambadevi Mauritius Holding Limited | Selling Shareholder | — | — |
| Karan Soni 2018 CG-NG Nevada Trust (through Peak Trust Company-NV) | Selling Shareholder | — | — |
| Meher Soni 2018 CG-NG Nevada Trust (through Peak Trust Company-NV) | Selling Shareholder | — | — |
| Pamela Soni | Selling Shareholder | — | — |
Leadership
Gurdeep Soni · Chairman and Managing Director
Paramjit Singh Soni · Executive Director and Vice Chairman
Munish Sapra · Chief Financial Officer
Jatin Mahajan · Company Secretary and 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.
Uniparts India IPO FAQs
What is the lot size of Uniparts India IPO?
The minimum lot size of Uniparts India IPO is 25 shares. One lot costs ₹14,425 at the cut-off price.
When does Uniparts India IPO open and close?
Uniparts India IPO opened for subscription on 30 Nov 2022 and closed on 02 Dec 2022.
What is the listing date of Uniparts India IPO?
Uniparts India IPO listed on 12 Dec 2022.