Yash Highvoltage IPO is a book-built issue aimed at raising ₹110.01 crore. The issue comprises a fresh issuance of 64.05 lakh shares worth ₹93.51 crore and an offer for sale of 11.3 lakh shares totalling ₹16.50 crore. Yash Highvoltage IPO subscription window opens on December 12, 2024, and closes on December 16, 2024. The allotment of shares is expected to be finalised on December 17, 2024, with a tentative listing date on the BSE SME set for December 19, 2024.
Yash Highvoltage IPO has a price band of ₹138 to ₹146 per share, with a minimum application lot size of 1,000 shares. Retail investors must invest at least ₹146,000, while HNIs need to invest ₹292,000 for two lots (2,000 shares). Indorient Financial Services Ltd serves as the lead manager, Bigshare Services Pvt Ltd is the registrar, and Alacrity Securities is the market maker for this IPO.
Industry Outlook
- Solar's share in installed capacity surged to 18.5% by FY’24, while coal's contribution dropped to 49.2%, reflecting a greener energy mix.
- RIP insulation dominated with 59.6% market share in FY’24, driven by low maintenance, compact design, and environmental benefits over declining OIP insulation.
Yash Highvoltage IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Setting up a new factory to manufacture Resin Impregnated Paper (RIP) / Resin Impregnated Synthetic (RIS) transformer condenser-graded bushings
- General Corporate Purposes
About Yash Highvoltage Limited
Incorporated in June 2002, Yash Highvoltage Limited is a prominent manufacturer and distributor of transformer bushings, catering to diverse industry needs. The company's comprehensive product portfolio includes Oil-Impregnated Paper (OIP) condenser bushings, Resin-Impregnated Paper (RIP) and Resin-Impregnated Synthetic (RIS) condenser bushings, high-voltage and high-current bushings, OIP wall bushings, and oil-to-oil bushings. Additionally, it offers repair, retrofitting, and replacement services for aged bushings.
The company operates a state-of-the-art manufacturing facility in Vadodara, Gujarat, with an annual production capacity of 7,000 bushings. This includes 3,700 units of OIP Bushings, 3,000 units of RIP Bushings, and 300 units of High Current Bushings. Equipped with in-house quality testing facilities, the unit ensures stringent quality standards.
As of November 30, 2024, Yash Highvoltage employs 157 full-time professionals. Its unique market positioning, robust track record, and strong industry trends bolster its competitive edge in the Indian transformer bushing market.
How To Check the Allotment Status of the Yash Highvoltage IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Yash Highvoltage IPO online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Yash Highvoltage IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Yash Highvoltage IPO
Registered office: 84/1B, PO Khakharia, Taluka- Savli, Vadodara 391510, Gujarat, India
Phone: +91 74900 28892
E-mail: cs@yashhv.com
Yash Highvoltage IPO Reservation
The Yash Highvoltage IPO comprises a total of 75,35,000 shares, with allocations to various investor categories as outlined below:
|
Investor Category |
Shares Offered |
Percentage of Total |
|
Anchor Investors |
21,46,000 |
28.48% |
|
Market Makers |
3,77,000 |
5% |
|
Qualified Institutional Buyers (QIB) |
14,32,000 |
19% |
|
Non-Institutional Investors (NII) |
10,74,000 |
14.25% |
|
Retail Individual Investors (RII) |
25,06,000 |
33.26% |
|
Total |
75,35,000 |
100% |
Yash Highvoltage IPO Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
1,000 |
₹1,46,000 |
|
Retail (Max) |
1 |
1,000 |
₹1,46,000 |
|
HNI (Min) |
2 |
1,000 |
₹2,92,000 |
Yash Highvoltage IPO Promoter Holding
The company promoter is Mr. Keyur Girishchandra Shah.
|
Share Holding Pre-Issue |
79.48% |
|
Share Holding Post Issue |
- |
Key Performance Indicators for Yash Highvoltage IPO
As of June 30, 2024, the market capitalisation of Yash Highvoltage stands at ₹416.85 crore. Here are the KPIs of Yash Highvoltage as of June 30, 2024.
|
KPI |
Value |
|
ROE (%) |
32.51% |
|
ROCE (%) |
44.07% |
|
Debt/Equity |
0.17 |
|
RoNW (%) |
32.51% |
|
P/BV |
1.07 |
|
PAT Margin (%) |
11.12 |
Price Metrics
|
Metric |
Pre-IPO |
Post-IPO |
|
EPS (₹) |
5.45 |
4.38 |
|
P/E (x) |
26.8 |
33.32 |
Note:
- Pre-IPO EPS is derived using the pre-issue shareholding as of the RHP date and the most recent FY earnings (March 31, 2024).
- Post-IPO EPS is based on post-issue shareholding and annualised FY earnings (June 30, 2024) provided in the RHP.
Yash Highvoltage IPO Anchor Investor Details
The anchor portion of the Yash Highvoltage IPO provides detailed information as follows:
|
Detail |
Information |
|
Anchor Bid Date |
December 11, 2024 |
|
Shares Offered to Anchor Investors |
2,146,000 |
|
Anchor Portion Size |
₹31.33 crore |
|
Lock-in Period End Date (50% Shares) |
January 16, 2025 |
|
Lock-in Period End Date (Remaining Shares) |
March 17, 2025 |
Yash Highvoltage IPO Prospectus
Yash Highvoltage IPO Registrar and Lead Managers
Yash Highvoltage IPO Lead Managers
- Indorient Financial Services Ltd
Registrar for Yash Highvoltage IPO
Bigshare Services Pvt Ltd
- Contact Number: +91-22-6263 8200
- Email Address: ipo@bigshareonline.com
Website: Yash Highvoltage IPO Registrar
Financial Performance of Yash Highvoltage Limited
| Particulars | For period ended June 30, 2024 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|---|
| Revenue from Operation (in ₹ lakh) | 2,762.88 | 10,848.08 | 9,036.21 |
| Profit After Tax (PAT) (in ₹ lakh) | 312.75 | 1,206.27 | 1,142.22 |
| Total Borrowings (in ₹ lakh) | 1,256.97 | 707.64 | 777.60 |
| Net Worth (in ₹ lakh) | 4,526.20 | 4,213.45 | 3,208.21 |
| Bushings Sold (Units) | 1,109 | 4,538 | 4,576 |
| Return on Net Worth (%) | 7.16% | 32.51% | 40.37% |
| Debt to Equity Ratio (x) | 0.28 | 0.17 | 0.24 |
| Earning Per Share (EPS)-in absolute ₹ | 1.41 | 5.45 | 5.16 |
Know before investing
Strengths
12Dominant player in high voltage condenser bushings up to 245kV.
Pioneer in localisation of advanced RIP/RIS bushings technology.
Products meet critical international standards like IEC and IEEE.
Robust product demand driven by growing energy sector needs.
Captures growth in the fastest voltage range >72.5 kV, <145 kV.
Diverse portfolio serving over 24 countries with significant export growth.
Annual CAGR of 19% in bushing volumes from FY'22 to FY'24.
Strong partnerships with major utilities and power companies worldwide.
Advanced manufacturing and R&D capabilities enhance competitive edge.
Stringent quality control measures ensure high product reliability.
Experienced management team with extensive industry expertise.
Focus on expanding global footprint and retrofit market opportunities.
Risks
12The proposed facility may face delays, costing ₹7,033.98 lakhs.
No assurance objects of issue will be timely achieved.
Dependence on the top 5 suppliers constitutes 75.03% of purchases.
Raw material costs are influenced by 68.67% international sourcing.
Key customers contribute 84.03% of total revenue dependency.
Reliance on transformer bushings increases segment concentration risk.
Manufacturing facilities in Gujarat centralise geographical business risks.
Untraceable corporate records may invite future compliance challenges.
Negative cash flow in FY’24 impacts investment and financing.
Lack of definitive agreements delays project execution and procurement.
Dependent on regulatory approvals for planned manufacturing expansion.
Related party transactions could pose potential conflicts of interest.
Yash Highvoltage Limited Peer Details Comparison
| Company Name | EPS (Basic) | NAV (Per Share) (₹) | P/E (x) | RoNW (%) |
|---|---|---|---|---|
| Yash Highvoltage Limited | 5.45 | 19.03 | 32.51 | - |
| Crompton Greaves Power and Industrial Solutions | 9.33 | 19.76 | 78.53 | 47.29 |
| Hitachi Energy India Limited | 38.64 | 320.86 | 309.78 | 13.00 |
