Vinyas Innovative Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Sep 2023 – 03 Oct 2023
- Listing date
- 06 Oct 2023
- Face value
- ₹10 per share
- Issue price
- ₹165 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Total issue size
- ₹54.66 Cr
- Market cap at offer price
- ₹208 Cr
- Promoter holding
- 39.87% → 29.37% pre-issue → post-issue
- ISIN
- INE0OLS01010
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Sarthi Capital Advisors Pvt.Ltd.
- Registered office
- Plot No.19, Survey No.26 & 273-P, 3 rd Phase, Koorgalli Industrial Area, Ilawala Hobali, 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 | 9,43,200 | — | — |
| Market maker | 1,66,400 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹165
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,32,000 |
| S-HNI (min) | 2 | 1,600 | ₹2,64,000 |
| S-HNI (max) | 7 | 5,600 | ₹9,24,000 |
| B-HNI (min) | 8 | 6,400 | ₹10,56,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 19.62 | — |
| P/E (×) | 8.41 | — |
| Market cap | — | ₹208 Cr |
Key performance indicators
- Return on net worth
- 16.13%
- ROCE
- 35.20%
- Debt / equity
- 1.88
- PAT margin
- 3.07%
- NAV per share
- ₹121.67
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Vinyas Innovative Technologies
Incorporated in 2001, Vinyas Innovative Technologies Limited is a leading provider of design, engineering and electronics manufacturing services catering to global Original Equipment Manufacturers and Original Design Manufacturers. Operating for over two decades with domain expertise spanning three decades through its promoter, the company offers electronic manufacturing services as Build-to-Print and Build-to-Specification services. The company's solutions comprise printed circuit board assembly and box builds used in safety-critical systems. With state-of-the-art infrastructure in Mysore, India, and AS 9100D and ISO 9001:2015 certifications, the company has established long-term relationships with global OEMs, particularly in the aerospace and defence sectors. In FY 2022-23, the company generated revenue of ₹23,452.40 lakhs with PAT of ₹734.34 lakhs.
Company Analysis
from DRHPVinyas Innovative Technologies Limited is an integrated electronics manufacturing services provider offering design, engineering, PCB assembly, and system integration services for aerospace, defence, medical, industrial, telecom, automotive, and consumer industries.
Incorporated in 2001, Vinyas Innovative Technologies Limited is a leading provider of design, engineering and electronics manufacturing services catering to global Original Equipment Manufacturers and Original Design Manufacturers. Operating for over two decades with domain expertise spanning three decades through its promoter, the company offers electronic manufacturing services as Build-to-Print and Build-to-Specification services. The company's solutions comprise printed circuit board assembly and box builds used in safety-critical systems. With state-of-the-art infrastructure in Mysore, India, and AS 9100D and ISO 9001:2015 certifications, the company has established long-term relationships with global OEMs, particularly in the aerospace and defence sectors. In FY 2022-23, the company generated revenue of ₹23,452.40 lakhs with PAT of ₹734.34 lakhs.
Objects of the Issue
- Working Capital Requirements [•] p.78
- General Corporate Purposes [•] p.78
- Issue Expenses ₹25.00 lakhs (incurred to date) p.78
Issue Structure
- Total Issue
- [•]
- Fresh Issue
- [•] Equity Shares of Face Value of ₹10.00 each
- Price Band
- [•]
- Lot Size
- [•]
- Face Value
- ₹10.00 per Equity Share
Business Model
The company earns revenue through electronic manufacturing services provided as Build-to-Print (client provides design, company manufactures) and Build-to-Specification (company designs based on client specifications and manufactures) services. Revenue is generated from PCB assembly, system integration, box builds, and after-market support services across multiple industry verticals including defence & aerospace (82.31% of FY23 revenue), industrial, medical, telecom, and others.
Business Segments
SWOT Analysis
- • Integrated EMS provider with broad product/service portfolio across multiple segments(p.19)
- • Significant domain expertise and design capabilities with 30+ years of combined experience(p.19)
- • Innovative end-to-end solutions from design to after-market support(p.19)
- • Strong presence in high-growth defence & aerospace sector with 82.31% revenue concentration in FY2023(p.24)
- • Preferred Indian partner for defence and aerospace with global accreditations(p.102)
- • Technology-enabled, scalable end-to-end manufacturing capabilities(p.103)
- • Business model with visibility of cash flows and ability to mitigate operational risk(p.103)
- • Consistent financial performance despite COVID-19 impact(p.103)
- • Experienced promoter and management team with decades of industry expertise(p.104)
- • Strong market leadership and recognition in ESDM industry(p.105)
- • 100% in-house design and manufacturing capability across Defence, Aerospace, Medical, Consumer, Automotive, Telecommunication and Industrial domains(p.118)
- • Track record of serving defence and aerospace sectors with quality certifications including AS 9100-C, TS 16949, and ISO 13485(p.124)
- • Diversified product portfolio across medical devices (dialysis machines, ventilators, oxygen concentrators) and defence electronics(p.124)
- • Long operational history with government defence contracts and offset programme participation since 2004-2011(p.124)
- • High customer concentration with single largest customer representing 51.13% of FY2023 revenue(p.24)
- • Past instances of delayed loan repayments affecting creditworthiness(p.23)
- • Significant working capital requirements with high debt burden (₹8,571.01 lakhs as of March 31, 2023)(p.28)
- • History of delayed statutory compliance including GST and employee benefit filings(p.29)
- • No warranty policy on products exposing to potential customer claims(p.25)
- • Heavy dependence on single manufacturing facility in Mysuru with concentration risk(p.25)
- • High debt-to-equity ratio(p.104)
- • Concentration of revenue in defence and aerospace segment(p.108)
- • High net debt relative to EBITDA(p.104)
- • Limited trademark protection secured(p.117)
- • High leverage with debt-to-equity ratio of 1.88 as at March 31, 2023(p.173)
- • Heavy dependence on working capital financing with short-term borrowings of ₹6,676.95 lacs as at March 31, 2023(p.167)
- • Significant trade receivables concentration with declining collections efficiency; receivables fell from ₹5,707.18 lacs to ₹2,095.11 lacs(p.163)
- • Concentrated shareholding with promoters holding 39.87% and requiring government approval for foreign investment(p.142)
- • Limited cash reserves with only ₹66.61 lacs in cash and cash equivalents as at March 31, 2023(p.163)
- • India's defence sector modernization with government targeting defence production of US$ 25 billion by 2025(p.19)
- • Growing private sector participation in defence manufacturing with 121 contracts signed with Indian vendors between 2015-16 and present(p.19)
- • Strong export growth trajectory with India targeting US$ 5 billion in defence exports within 5 years(p.19)
- • India identified as seventh largest aerospace and defence market globally with modernization focus(p.19)
- • Strategic expansion planned through enhanced design capabilities and manufacturing infrastructure(p.29)
- • Strategic defence electronics market growth driven by Make in India and modernization(p.97)
- • Expand PCB assembly and system integration operations with global OEMs(p.105)
- • Leverage experience to expand in telecom, medical, power, industrial and automotive sectors(p.105)
- • Growing demand for indigenous active electronically scanned array radar systems(p.105)
- • Civil avionics market expansion opportunity in India(p.98)
- • Medical devices market growing at 37% CAGR to reach US$ 50 billion by 2025(p.99)
- • Government target of ₹1,750,000 million (US$ 25 billion) defence and aerospace exports by 2025 under Aatmanirbhar Bharat initiative(p.119)
- • Import embargo on 101 defence items creating opportunity for indigenous manufacturing including high-technology systems(p.118)
- • DAP policy encouraging foreign manufacturers to set up in India and fostering strategic partnerships in defence ecosystem(p.118)
- • Growing medical device and healthcare sector tailwinds with company's established capability in dialysis, ventilators and oxygen concentrators(p.124)
- • Opportunity to develop indigenous components to reduce import dependence under Draft DPEPP support to MSMEs and startups(p.119)
- • Changes in defence policy or funding decline could materially impact revenue generation(p.24)
- • Intense price competition from both established and new competitors in EMS sector(p.42)
- • Volatility in raw material costs and supply chain disruptions affecting production costs(p.39)
- • Dependence on state electricity supply with potential for production shutdowns(p.39)
- • Economic slowdown in India could reduce demand for defence and aerospace products(p.49)
- • Foreign exchange volatility affecting export competitiveness and margins(p.39)
- • Natural disasters, pandemics, and geopolitical events could disrupt operations(p.49)
- • Regulatory changes and compliance risks including GST implementation impacts(p.50)
- • Intense competition from established EMS providers(p.117)
- • Dependence on government defence procurement and policy changes(p.98)
- • Global economic uncertainty and supply chain disruptions(p.96)
- • High import dependency for electronics components and supply chain risks(p.98)
- • Regulatory and compliance requirements in defence sector(p.98)
- • Regulatory restrictions on foreign direct investment with only 74% permitted under automatic route in defence sector, requiring government approval for higher stakes(p.122)
- • Environmental compliance requirements including EIA, emission standards and pollution control that could increase operational costs(p.120)
- • Complex labour compliance including four new labour codes that could impose additional obligations on manufacturing operations(p.121)
- • Competition from established global defence manufacturers entering Indian market under DAP strategic partnership provisions(p.118)
- • Supply chain risks and import price volatility affecting raw materials and components procurement for manufacturing(p.169)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Narendra Narayanan | Promoter | 25.12% | 18.50% |
| Mrs. Meera Narendra | Promoter | 14.75% | 10.87% |
| Mr. Sumukh Narendra | Promoter | — | — |
| Mr. Narendra Narayanan | Promoter | 26.9% | — |
| Mrs. Meera Narendra | Promoter | 18.3% | — |
| Mr. Sumukh Narendra | Promoter | — | — |
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.