Vdeal System
Fixed Price issueSME₹18.08 Cr issue
+51.79%
Listing gain over issue price
Issue size
₹18.08 Cr
1 lot at cut-off
₹1,34,400
Lot size
1,200shares
Open
27 Aug 2024
Close
29 Aug 2024
Allotment
30 Aug 2024
Listing
03 Sep 2024
Listing performance
Issue price
₹112
Listed at
₹170
Listing-day close
₹178.50
Latest price
₹111
Close on 23 Oct 2026
Listing gain
+51.79%
Return since issue
-0.89%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Aug 2024 – 29 Aug 2024
- Listing date
- 03 Sep 2024
- Face value
- ₹10 per share
- Issue price
- ₹112 per share
- Lot size
- 1,200 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹18.08 Cr
- Market cap at offer price
- ₹54.77 Cr
- Promoter holding
- 99.97% → 66.96% pre-issue → post-issue
- ISIN
- INE0U2M01015
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Affinity Global Capital Market Pvt.Ltd.
- Registered office
- Plot No.4/A, A, 4/B & 6, Janla Industrial Area, Jatni, Odisha
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 81,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹112
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,34,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,68,800 |
| S-HNI (max) | 7 | 8,400 | ₹9,40,800 |
| B-HNI (min) | 8 | 9,600 | ₹10,75,200 |
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.
Valuation and performance
Valuation at offer price
₹112 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.50 | 6.37 |
| P/E (×) | 11.79 | 17.58 |
| Price to book (×) | 5.84 | — |
| Market cap | — | ₹54.77 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 49.52%
- ROCE
- 32.83%
- Debt / equity
- 1.49
- PAT margin
- 11.87%
- NAV per share
- ₹19.19
- Price to book
- 5.84
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Vdeal System
Vdeal System Limited, incorporated on December 10, 2009 and converted from Private Limited to Public Limited Company on May 20, 2024, is an integrated electrical and automation solution provider. The company was originally incorporated as 'Swastik Energy System Private Limited' and later acquired the business of M/s. Vdeal System partnership in April 2017. The company designs, manufactures, and services smart electrical control panels, including Smart Low Voltage (LV) panels, Smart Medium Voltage (MV) panels, Smart Variable Frequency Drive (VFD) panels, and Smart Programmable Logic Controller (PLC) panels, along with air insulated and sandwich busducts. It also provides IoT solutions, AI and ML-driven innovation, and cloud-based Software as a Service (SaaS) models. The company operates on a B2B model and supplies products to industry players across multiple segments with strategic partnerships with global electrical players. It has in-house product design and development, manufacturing, system integration, and servicing capabilities adhering to international IEC standards.
Company Analysis
from RHPVdeal System Limited is an ISO 9001:2015 certified provider of smart electrical control panels, automation solutions, and IoT-enabled smart electrical systems across low voltage, medium voltage, variable frequency drive, and programmable logic controller segments in India.
Vdeal System Limited, incorporated on December 10, 2009 and converted from Private Limited to Public Limited Company on May 20, 2024, is an integrated electrical and automation solution provider. The company was originally incorporated as 'Swastik Energy System Private Limited' and later acquired the business of M/s. Vdeal System partnership in April 2017. The company designs, manufactures, and services smart electrical control panels, including Smart Low Voltage (LV) panels, Smart Medium Voltage (MV) panels, Smart Variable Frequency Drive (VFD) panels, and Smart Programmable Logic Controller (PLC) panels, along with air insulated and sandwich busducts. It also provides IoT solutions, AI and ML-driven innovation, and cloud-based Software as a Service (SaaS) models. The company operates on a B2B model and supplies products to industry players across multiple segments with strategic partnerships with global electrical players. It has in-house product design and development, manufacturing, system integration, and servicing capabilities adhering to international IEC standards.
Smart Electrical Control PanelsElectrical and Automation SolutionsManufacturingIoT and Software ServicesSystem Integration
Objects of the Issue
- To meet working capital expenses ₹702.58 lakhs p.37
- To make prepayment or repayment of all or a portion of certain secured and unsecured loans availed by the Company ₹463.95 lakhs p.37
- General Corporate Purpose ₹370.00 lakhs p.37
- To meet Offer Related Expenses ₹271.15 lakhs p.37
- To meet working capital requirements ₹702.58 lakhs p.112
- Prepayment and repayment of all or a portion of certain secured and unsecured loans ₹463.95 lakhs p.112
- General Corporate Purpose ₹370.00 lakhs p.112
- To meet the Offer expenses ₹271.15 lakhs p.112
Issue Structure
- Total Issue
- ₹1807.68 lakhs
- Fresh Issue
- Upto 16,14,000 Equity Shares of face value of ₹10/- each at an Offer Price of ₹112/- per Equity Share aggregating upto ₹1807.68 lakhs
- Offer for Sale
- NIL
- Price Band
- ₹112/- per Equity Share (including share premium of ₹102/- per Equity Share)
- Lot Size
- 1,200 Equity Shares and in multiples of 1,200 Equity Shares thereafter
- Face Value
- ₹10/- per Equity Share
Business Model
The company earns revenue through a B2B business model by manufacturing and supplying smart electrical control panels, automation solutions, and related products to various industries. It provides comprehensive electrical solutions including design, manufacturing, system integration, and after-sales servicing. Additionally, the company generates revenue through IoT solutions and software services provided via its promoting company, Reveal AI Technologies Private Limited, which develops software applications and provides consultations and installation services. The company serves customers across multiple industry segments with products supplied based on purchase orders.
Business Segments
Provides smart low voltage electrical control panels with installed capacity of ₹65 Crore, utilized at 20.32% in FY 2023-24
Provides smart medium voltage electrical control panels with installed capacity of ₹5 Crore, utilized at 14.40% in FY 2023-24
Provides automation panel solutions including VFD panels and PLC panels for automation and control applications
Manufactures automation panels with installed capacity of ₹20 Crore, utilized at 51.60% in FY 2023-24
Provides spare parts and after-sales servicing for electrical control panels with installed capacity of ₹10 Crore, utilized at 19.80% in FY 2023-24
Provides IoT solutions, AI and ML-driven innovation, and cloud-based SaaS models through its promoting company Reveal AI Technologies Private Limited
Manufacturing and supply of Smart Low Voltage electrical control panels
Manufacturing and supply of Smart Medium Voltage electrical control panels
Manufacturing and supply of Smart Variable Frequency Drive panels
Manufacturing and supply of Smart Programmable Logic Controller panels
LV panels including Power Control Center (PCC), Motor Control Center (MCC), Automatic Power Factor Controller (APFC), customized feeder draw-out type panels, power distribution boards, and intelligent motor control centers. Used for control and distribution of electrical power in manufacturing, energy, building automation, and other sectors.
MV panels including Vacuum Circuit Breaker panels up to 11 KiloVolt, 3200A, 40KA. Used after high voltage transformer for electrical distribution and control in high voltage systems up to 11,000V and to run high voltage motors up to 6,600V.
Variable Frequency Drive (VFD) panels for speed and motor protection control, Programmable Logic Controller (PLC) panels for industrial process automation, and Human Machine Interface (HMI) panels with touch screens for process monitoring and control. Applications include pumps, fans, conveyors, cranes, and process industries like steel, aluminum, and mining.
Air insulated type and sandwich type aluminum/copper bus ducts (6300A, 80KA) containing busbars that conduct electricity. Used for power distribution in malls, hospitals, multiplexes, and solar power plants. Sandwich bus ducts offer fire resistance, seismic compliance, and flexible plug-in operation.
Trading and distribution of Variable Frequency Drives, switchgears, and electrical spare parts procured from renowned brand owners through strategic partnership agreements. Provides sourcing, inventory management, and distribution to B2B customers.
Manufacturing of Smart Low Voltage (LV) panels, Smart Medium Voltage (MV) panels, Smart Variable Frequency Drive (VFD) panels, Smart Programmable Logic Controller (PLC) panels, and air insulated & sandwich busducts backed by in-house product design & development, system integration, and servicing of automation solutions adhering to international IEC standards
Trading and supply of electrical equipment, components, and related apparatus to industry players
Supply, installation, erection, commissioning, and maintenance of electrical infrastructure up to 33 KV including metering cubicles, H.T. Bus Ducts and technical support
SWOT Analysis
Strengths
- • ISO 9001:2015 certified with international IEC standards compliance(p.35)
- • Strategic partnerships with global electrical players providing competitive advantage(p.35)
- • Integrated electrical and automation solutions provider across multiple industry segments(p.35)
- • In-house R&D and manufacturing capabilities with product design expertise(p.35)
- • In-house design and engineering expertise with qualified teams for accurate estimates and efficient operations(p.62)
- • Longstanding relationships with customers and suppliers providing stability and resilience(p.61)
- • Proactive design and development team that integrates latest updates and adapts swiftly to changes(p.62)
- • Implementation of cybersecurity measures including anti-virus software and firewalls(p.62)
- • Strong track record of safety practices with no past industrial accident issues(p.63)
- • Effective supply chain management practices and strong supplier relationships to ensure steady raw material supply(p.65)
- • Experienced management team with 16+ years in automation solutions(p.159)
- • ISO 9001:2015 certification and adherence to international IEC standards(p.156)
- • Strong EBITDA growth and improving profitability margins(p.128)
- • Strategic partnerships with global electrical players(p.156)
- • Customized product design to meet unique customer needs(p.160)
- • Location advantage in Eastern India with access to minerals and skilled labour(p.161)
- • Diversified revenue streams across manufacturing, trading, and automation(p.164)
- • Positioning as global hub for Electronics System Design and Manufacturing(p.191)
- • International standards compliance framework via IEC 61439(p.191)
- • Established regulatory framework with multiple state incentive policies(p.192)
- • ISO 9001:2015 certification and international quality standards(p.282)
- • Strategic partnerships with global electrical players and OEMs(p.282)
- • End-to-end integrated capabilities from design to manufacturing(p.283)
- • Experienced management team with two+ decades of industry experience(p.283)
- • Strong revenue and profitability growth trajectory(p.294)
- • Improved PAT margin and operational efficiency(p.297)
Weaknesses
- • Significant dependence on few key customers for material portion of revenue(p.46)
- • Heavy reliance on Top 10 suppliers for raw material procurement(p.47)
- • Delayed filing of GST and EPF returns in past(p.53)
- • Low manufacturing capacity utilization across product categories(p.59)
- • Significant unsecured short-term loans that may be recalled at any time(p.55)
- • High working capital requirements and trade receivables concentration(p.61)
- • Dependency on limited number of major customers with no long-term contracts or marketing tie-ups(p.61)
- • Significant portion of revenue concentrated in certain Indian states creating geographic dependency(p.63)
- • High dependence on design and engineering team accuracy for order execution with potential for cost overruns(p.62)
- • Exposure to volatility in metal prices and electric component supply affecting profitability(p.63)
- • No monitoring agency appointed for fund utilization with deployment at sole discretion of management(p.61)
- • High working capital requirements(p.164)
- • Heavy dependency on suppliers(p.164)
- • Low capacity utilization across product lines(p.187)
- • No existing intellectual property rights(p.188)
- • Currently no foreign operations or exports(p.169)
- • Relatively small employee base of 65 persons limiting execution capacity(p.189)
- • Regulatory compliance burden across multiple environmental legislations(p.200)
- • Complex labor law compliance requirements(p.196)
- • High dependence on top customers(p.305)
- • Significant dependence on top suppliers(p.305)
- • High financial leverage with debt-to-equity ratio of 1.49(p.285)
- • Elevated finance costs relative to revenue(p.295)
- • Low cash reserves(p.301)
- • Litigation exposure with customers and operations(p.310)
- • Outstanding dues to creditors(p.315)
- • Contingent liabilities that could adversely affect financial condition(p.315)
Opportunities
- • Smart Electrical Control Panels market projected to reach USD 10.3 Billion by 2032(p.35)
- • Growing adoption of SMART technologies and grid digitization in electrical panels(p.35)
- • Smart panels integration with smart home systems and renewable energy transition(p.35)
- • Development of AI and ML-driven IoT solutions through Reveal AI Technologies(p.35)
- • Geographic expansion beyond concentrated Eastern markets(p.56)
- • Geographic expansion strategy to diversify customer base and reduce dependence on particular regions(p.63)
- • Listing on NSE EMERGE platform to enhance brand recognition and provide liquidity to shareholders(p.112)
- • Significant working capital funding to support incremental business growth and improved profitability(p.114)
- • Debt reduction through loan prepayment to maintain favorable debt-equity ratio and improve financial flexibility(p.119)
- • Expansion into renewable energy and solar segment(p.162)
- • Growing India power sector with 40 GW solar rooftop target by 2030(p.162)
- • Electric vehicle market expansion opportunity (Rs 50,000 crore by 2025)(p.162)
- • Strong IoT market growth in India with 17.05% CAGR through 2028(p.147)
- • Geographical expansion into new markets beyond current Eastern India presence(p.163)
- • B2C market entry through distributors and B2B channels(p.163)
- • Predictive maintenance market growing at 29.5% CAGR through 2030(p.182)
- • Digital India and Smart Cities initiatives driving infrastructure spending(p.163)
- • Production Linked Incentives in Orissa Electronics Policy(p.192)
- • Fiscal incentives and GST reimbursement support(p.193)
- • Interest subsidy on term loans from financial institutions(p.193)
- • R&D and innovation promotion in emerging technology sectors(p.192)
- • Support for skilled manpower development in ESDM(p.192)
- • Growth in electrical automation and smart panel solutions market(p.283)
- • AI and ML-driven innovation in IoT solutions(p.282)
- • Expansion across pan-India geographic presence(p.283)
- • Technology upgradation and adoption of latest standards(p.283)
- • IPO proceeds for debt reduction and expansion(p.287)
- • Strong earnings growth(p.323)
- • Growing operating profitability(p.323)
- • Improving net worth trajectory(p.323)
Threats
- • Rapid technological changes and risk of product obsolescence(p.50)
- • Transportation cost increases and infrastructure dependency(p.50)
- • Regulatory license and approvals dependencies with name-change implementation delays(p.49)
- • Revenue concentration in Eastern India states subject to regional political and economic changes(p.55)
- • Dependence on third-party transportation providers for material and product delivery(p.50)
- • Business concentration on purchase orders rather than long-term contracts(p.61)
- • Highly competitive industry with low entry barriers and organized/unorganized competitors offering cheaper substitutions(p.61)
- • Risk of customer order delays, modifications or cancellations affecting revenue predictability(p.62)
- • Global shortage in chip supply impacting manufacturing efficiency and product delivery timelines(p.63)
- • Industrial accidents and physical hazards at manufacturing and construction sites exposing company to material liabilities(p.63)
- • Slowdown in Indian economic growth affecting domestic demand for products and services(p.65)
- • High inflation rates increasing costs of salaries, travel and related allowances(p.66)
- • Natural calamities disrupting critical infrastructure, supply chains and economic activities(p.66)
- • Changing government policies and regulations including GST amendments affecting business operations(p.65)
- • Wage pressures and increasing operating costs in India reducing competitive advantage and profit margins(p.69)
- • High level of competition in the electrical control panels market(p.164)
- • Exposure to changes in government policies and regulations(p.164)
- • Global trade policy uncertainty at highest levels since major elections(p.138)
- • Risk from geopolitical tensions and natural disasters(p.164)
- • Vulnerability to supply chain disruptions from international markets(p.185)
- • Global economic slowdown and reduced industrial activity(p.135)
- • Dependence on few major customer segments (steel, power, mining)(p.178)
- • Stringent environmental compliance with potential penalties(p.201)
- • Hazardous waste management liability and financial penalties(p.202)
- • E-waste management compliance and liability exposure(p.202)
- • Regulatory changes in Foreign Investment policy(p.203)
- • Import-export licensing and IEC compliance requirements(p.204)
- • External economic uncertainties and global geopolitical conflicts(p.288)
- • Dependence on global supply chains and commodity prices(p.299)
- • Regulatory and tax compliance risks(p.311)
- • Interest rate and inflation pressures(p.303)
- • Intense competition from existing and potential competitors(p.305)
- • Rapid technological change and product obsolescence risk(p.288)
- • Regulatory risk regarding licenses and permits(p.315)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Dhiraj Kochar | Promoter | 85.50% | — |
| Mrs. Tapaswini Panda | Promoter | 14.35% | — |
| Mr. Brahmananda Patra | Promoter | 0.03% | — |
| Reveal AI Technologies Private Limited | Corporate Promoter | — | — |
| Dhiraj Kochar | Promoter | 85.50% | 57.27% |
| Tapaswini Panda | Promoter | 14.35% | 9.61% |
| Brahmananda Patra | Promoter | 0.03% | 0.02% |
| Amaresh Panda | Promoter Group | 0.03% | 0.02% |
| Mandakini Panda | Promoter Group | 0.03% | 0.02% |
| Niharika Panda | Promoter Group | 0.03% | 0.02% |
| Dhiraj Kochar | Promoter/Promoter Group | — | — |
| Tapaswini Panda | Promoter/Promoter Group | — | — |
| Brahmananda Patra | Promoter/Promoter Group | — | — |
| Dhiraj Kochar | Promoter | 85.50% | 57.27% |
| Tapaswini Panda | Promoter | 14.35% | 9.61% |
| Brahmananda Patra | Promoter | 0.03% | 0.02% |
| Reveal AI Technologies Private Limited | Promoter Group | — | — |
| Dhiraj Kochar | Promoter | 85.48% | — |
| Tapaswini Panda | Promoter | 14.35% | — |
| Brahmananda Patra | Promoter | 0.03% | — |
| Reveal AI Technologies Pvt. Ltd. | Promoter | 0% | — |
| Dhiraj Kochar | Promoter | — | — |
| Tapaswini Panda | Promoter | — | — |
| Brahmananda Patra | Promoter | — | — |
| Reveal AI Technologies Private Limited | Corporate Promoter | — | — |
Leadership
Mr. Dhiraj Kochar · Chairman/Managing Director/CEO
Mrs. Tapaswini Panda · Whole Time Director/CFO
Mr. Brahmananda Patra · Director
Mr. Priyabrata Nayak · 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.
Vdeal System IPO FAQs
What is the lot size of Vdeal System IPO?
The minimum lot size of Vdeal System IPO is 1,200 shares. One lot costs ₹1,34,400 at the cut-off price.
When does Vdeal System IPO open and close?
Vdeal System IPO opened for subscription on 27 Aug 2024 and closed on 29 Aug 2024.
What is the listing date of Vdeal System IPO?
Vdeal System IPO listed on 03 Sep 2024.