Online Instruments (India) IPO

Online Instruments (India) Ltd. is an audiovisual and electronics solutions company that provides products, system integration services, and manufacturing solutions for commercial and institutional customers.

Its largest business is Audiovisual Systems Integration (AVSI), where the company designs, supplies, installs, and maintains complete audiovisual systems. These solutions are used in smart conference rooms, unified communications and collaboration setups, network operating command centres, and large auditoriums. The company provides these solutions under the “Online Instruments” and “LOGIC” brands.

The company also sells audiovisual products and accessories under its LOGIC brand. Its portfolio includes Interactive Flat Panel Displays (IFPDs), commercial lighting products, and other AV accessories. These products are sold through distributors and authorised partners.

Another part of its business is Electronics Manufacturing Services (EMS). The company undertakes contract and white-label manufacturing, including manufacturing IFPDs for original equipment manufacturers (OEMs) under their own brands.

In addition, the company designs and manufactures commercial and architectural lighting products for different applications.

Overall, Online Instruments operates across the AV integration, AV products, electronics manufacturing, and specialised lighting segments, with its AVSI business forming a significant part of its revenue.

Industry Outlook

The company operates in the electronics manufacturing sector.

• India’s Electronics Systems Design & Manufacturing (ESDM) and Electronics Manufacturing Services (EMS) sectors are expected to see sustained growth, supported by rising domestic electronics consumption and global supply-chain diversification.
• The Indian EMS industry is projected to grow at a CAGR of around 24%–27%, supported by increasing outsourcing and manufacturing demand.
• Government initiatives such as PLI schemes, SPECS, and EMC 2.0 are encouraging investments in electronics manufacturing, component production, and domestic value addition.
• The “China + 1” strategy is prompting global OEMs to diversify manufacturing bases, creating opportunities for Indian EMS companies to win outsourcing and export contracts.
• EMS players are increasingly moving beyond basic assembly towards ODM, high-speed PCBA, and turnkey manufacturing solutions, which can expand their addressable market.
• Demand for Interactive Flat Panel Displays (IFPDs) and smart boards is increasing across educational institutions and workplaces as digital and hybrid learning and collaboration gain adoption.
• Commercial and architectural LED lighting is benefiting from growth in commercial infrastructure, smart-city projects, and the focus on energy efficiency.
• Rising adoption of EVs, power electronics, battery management systems, and IoT-enabled industrial equipment is supporting demand for specialised automotive and industrial electronics.

Online Instruments (India) IPO Objectives

• The company plans to raise up to ₹750 crore through the fresh issue of equity shares.
• A portion of the IPO proceeds will be used to repay or prepay some of the company’s outstanding borrowings, which could help reduce its debt obligations.
• The company will use part of the proceeds to meet its increasing working capital requirements and support day-to-day business operations.
• The remaining proceeds will be used for general corporate needs and operational requirements, subject to applicable SEBI limits.
• IPO-related expenses will be deducted from the gross proceeds to arrive at the Net Proceeds available to the company. The exact amount of these expenses is yet to be finalised.

Financial Performance of Online Instruments (India)