Yash Highvoltage IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details

Yash High Voltage Ltd. is a fast emerging Indian leader in power engineering and specialized high voltage and high current Transformer Bushings for utilities and the industrial markets in India and around the globe. Their products are synonymous with innovation and quality and have proven their reliability over decades of class-leading performance.

Yash Highvoltage, an Book Built Issue amounting to ₹110.00 Crores, consisting an Fresh Issue of 64.05 Lakh Shares worth ₹93.51 Crores and an Offer for Sale of 11.30 Lakh Shares totalling to ₹16.49 Crores. The subscription period for the Yash Highvoltage IPO opens on December 12, 2024, and closes on December 16, 2024. The allotment is expected to be finalized on or about Tuesday, December 17, 2024, and the shares will be listed on the BSE NSE with a tentative listing date set on or about Thursday, December 19, 2024.

 

 

 

 

 

 

 

 

The Share price band of Yash Highvoltage IPO is set at ₹138 to ₹146 per equity share. The Market Capitalisation of the Yash Highvoltage Limited at IPO price of ₹146 per equity share will be ₹416.84 Crores. The lot size of the IPO is 1,000 shares. Retail investors are required to invest a minimum of ₹1,46,000, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (2,000 shares), amounting to ₹2,92,000.

INDORIENT FINANCIAL SERVICES LIMITED is the book-running lead manager while BIGSHARE SERVICES PRIVATE LIMITED is the registrar for the Issue. Alacrity Securities Limited will act as the Market Maker for Yash Highvoltage IPO.

 

Yash Highvoltage Limited IPO GMP Today
The Grey Market Premium of Yash Highvoltage Limited IPO is expected to be ₹107 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

Yash Highvoltage Limited Day Wise IPO GMP Trend

Date IPO Price Expected Listing Price GMP Last Updated 
13 December 2024 ₹ 146 ₹ 253 ₹ 107 (73.63%) 05:30 PM; 13 Dec 2024
12 December 2024 ₹ 146 ₹ 253 ₹ 107 (73.63%) 07:00 PM; 12 Dec 2024
11 December 2024 ₹ 146 ₹ 253 ₹ 107 (73.63%) 07:00 PM; 11 Dec 2024
10 December 2024 ₹ 146 ₹ 162 ₹ 16 (10.96%) 08:00 PM; 10 Dec 2024

Yash Highvoltage Limited IPO Live Subscription Status Today: Real-Time Updates
As of 07:00 PM on 16 December 2024, the Yash Highvoltage IPO live subscription status shows that the IPO subscribed 169.17 times on its Final day of subscription periodCheck the Yash Highvoltage IPO Live Subscription Status Today at BSE.

Yash Highvoltage IPO Anchor Investors Report
Yash Highvoltage has raised ₹31.33 Crores from Anchor Investors at a price of ₹146 per shares in consultation of the Book Running Lead Managers. The company allocated 21,46,000 equity shares to the Anchor Investors. 
Check Full List of 
Yash Highvoltage Anchor Investor List.

Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion.
Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion.

Yash Highvoltage Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Yash Highvoltage IPO allotment date is 17 December, 2024, Tuesday. Yash Highvoltage IPO Allotment will be out on 17th December 2024 and will be live on Registrar Website from the allotment date. Check Yash Highvoltage IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Yash Highvoltage Limited IPO from the dropdown list of IPOs.
- Enter your application number, PAN, or DP Client ID.
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

 

Objectives of Yash Highvoltage Limited IPO
Yash Highvoltage Issue Proceeds from the Fresh Issue will be utilized towards the following objects : 
1. 7,033.98 Lakh is required for Setting up a new factory to manufacture Resin Impregnated Paper (RIP) / Resin Impregnated Synthetic (RIS) transformer condenser graded bushings
2. General Corporate Purposes

 

 

 

 

Refer to Yash Highvoltage Limited RHP for more details about the Company.

Yash Highvoltage IPO Details

IPO Date December 12, 2024 to December 16, 2024
Listing Date December 19, 2024
Face Value ₹5
Price ₹138 to ₹146 per share
Lot Size 1,000 Equity Shares
Total Issue Size 75,35,000 Equity Shares (aggregating up to ₹110.00 Cr)
Fresh Issue 64,05,000 Equity Shares (aggregating up to ₹93.51 Cr)
Offer for Sale 11,30,000 Equity Shares (aggregating up to ₹16.49 Cr)
Issue Type Book Built Issue
Listing At BSE SME
Share holding pre issue 2,21,46,249
Share holding post issue 2,85,51,249

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
S-HNI (Min) 2 2,000 ₹2,92,000
S-HNI (Max) 6 6,000 ₹8,76,000
B-HNI (Min) 7 7,000 ₹10,22,000

Yash Highvoltage IPO Timeline (Tentative Schedule)

IPO Open Date Thursday, December 12, 2024
IPO Close Date Monday, December 16, 2024
Basis of Allotment Tuesday, December 17, 2024
Initiation of Refunds Wednesday, December 18, 2024
Credit of Shares to Demat Wednesday, December 18, 2024
Listing Date Thursday, December 19, 2024
Cut-off time for UPI mandate confirmation 5 PM on December 16, 2024

Yash Highvoltage IPO Reservation

Investor Category Shares Offered Reservation %
QIB Portion 14,32,000 Not More than 50% of the Issue
Non-Institutional Investor Portion 10,74,000 Not Less than 15% of the Issue
Retail Shares Offered 25,06,000 Not Less than 35% of the Issue
Achor Investor Portion 21,46,000 Allotted from QIB Portion
Market Maker Portion 3,77,000 -

Yash Highvoltage IPO Promoter Holding

Share Holding Pre Issue 79.48%
Share Holding Post Issue 57.70%

Yash Highvoltage IPO Subscription Status

Investor Category Shares Offered Shares Bid For No oF Times Subscribed
Qualified Institutional Buyers (QIB) 14,32,000 17,71,41,000 123.70
Non Institutional Investors(NIIS) 14,51,000 35,48,38,000 244.55
Retail Individual Investors (RIIs) 25,06,000 37,96,95,000 151.51
Total 53,89,000 91,16,74,000 169.17

About Yash Highvoltage Limited

Yash Highvoltage Limited (“the Company”) is engaged in the manufacturing and distribution of wide range of transformer bushings – Oil Impregnated Paper [OIP] condenser bushing, Resin Impregnated Paper [RIP] / Resin Impregnated Synthetic [RIS] condenser bushing, High Voltage and High Current bushing, OIP Wall bushing and Oil to Oil bushing. The Company also undertakes repairing, retrofitting and replacement services of old bushings. Through their team of experienced engineers, they provide on-site/off-site bushings technical testing, analysis and repairing services. The Company was originally incorporated as “Yash Highvoltage Insulators Private Limited” in 2002 by a group of technocrats to manufacture Fiber Reinforced Polymer Cylinders and high-current bushing products. In 2008, Mr. Keyur Shah acquired the Company and transformed it into a successful and profitable organisation. The Company is on the approved vendor list of various Indian Government Enterprises and large private companies engaged in Power sector.

Yash Highvoltage had 157 full-time employees as of November 30, 2024. The Banker to the Company is Axis Bank Limited.

Indian Power Sector Overview
The Indian power sector is marked by a diverse mix of energy sources, with a total installed capacity of 441.97 GW in FY’24, comprising 57% from fossil fuels and 43% from non-fossil fuels. The electricity generation target for the year 2023-24 is set at 1,734.4 billion units (BU), representing a growth of around 7.2% in 2022-23.

The electricity generation target for FY’24 by different sources type includes 1,294.85 BU from Coal, 31.70 BU from Oil & Gas, 134.05 BU from Large Hydro, 47.94 BU from nuclear, and 225.83 BU from Total Renewable Energy Sources of which (83.39 BU from Wind, 115.98 BU from Solar and 26.47 BU from other RE sources).

The Plant Load Factor (PLF) for FY’24 is 66.3%, with sector-wise PLFs of 70.3% for the central sector, 77.1% for the state sector, and 67.6% for the private sector. The figure mentioned below highlight the sector's robust growth and increased contribution of renewable energy sources, reflecting India's commitment to a more sustainable and diversified energy mix.

The sector is steadily witnessing high demand for electricity, driven by rapid industrialization, with manufacturing and infrastructure projects requiring substantial power; urbanization, as cities expand and consume more energy for residential and commercial use; and an improving standard of living, leading to increase per capita electricity consumption and greater adoption of electrical appliances and technologies.

In summary, the Indian power sector is poised for significant growth and transformation, driven by increasing demand, government initiatives, and technological advancements. While challenges remain, the sector's robust investment landscape and policy support provide a strong foundation for future development and sustainability.

India Electricity Production & Consumption Gap
“India's electricity production and consumption gap has significantly narrowed over the years, reflecting the country's concerted efforts to enhance its power infrastructure.”

In FY’2023, the gap between energy requirement and energy supplied is a mere 0.3%, primarily due to system constraints or financial issues faced by some DISCOMs. The gap between peak demand and peak supply stands at 1.4%, a marked improvement from the 4.5% gap in FY’14 when the demand was 136 GW. This progress underscores India's commitment to ensuring a more reliable electricity supply to meet growing demand.

From FY’20 to FY’24, the electricity requirement has steadily increased from 1309 BU to 1627 BU, with the electricity supplied closely following, rising from 1305 BU to 1623 BU. This trend highlights the effective management and expansion of India's power sector, aligning supply closely with demand and ensuring a more stable and dependable electricity network.

Indian Power Transformer Industry Overview – Industry Size and Growth
The power transformer market in India has grown from INR 236.2 hundred crores in FY’19, reaching INR 334.0 hundred crores in FY’24. This growth is primarily fueled by the government's aggressive push towards electrification and renewable energy integration, alongside the modernization of aging power systems. Additionally, India's commitment to renewable energy necessitates a robust grid infrastructure capable of integrating intermittent sources like solar and wind, driving the demand for both traditional and smart transformers.

The Indian transformer industry is also witnessing significant technological advancements. The integration of digital solutions enables enhanced monitoring and maintenance capabilities, improving the reliability and efficiency of power distribution.

Indian Transformers Bushing Market Size, FY’19-FY’24
The Indian transformer bushing market has witnessed steady growth, with the market size increasing from INR 1020.4 crore in FY’19 to INR 1,528.2 crore by FY’24. This growth is driven by several key factors. Firstly, the government's aggressive push towards electrification and renewable energy integration has significantly boosted demand. Initiatives like the Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY) and the Integrated Power Development Scheme (IPDS) have enhanced the transmission and distribution network, necessitating more transformer bushings. Additionally, the modernization of aging power systems and the increasing demand for electricity due to urbanization and industrialization have contributed to market growth. The market also benefits from technological advancements, with smart transformers and advanced monitoring systems becoming more prevalent.

Conclusion – Way Forward
The transformer bushing market in India is poised for significant growth, with projections indicating a market size of INR 2,993 crore by FY'34, achieving a CAGR of 7.0% from FY'24 to FY'34. This growth is driven by the rapid expansion of India's power infrastructure and the adoption of renewable energy. As the country integrates solar and wind energy, the need for advanced bushings capable of handling variable loads and harsh conditions will become essential. Government initiatives focused on grid modernization and the commissioning of new transformers to reduce transmission and distribution losses will also generate fresh demand for bushings.

The bushing market would benefit from vertical players that could offer integrated solutions. Such players would gain from cost efficiencies, streamlined production processes, and the ability to quickly adapt to new technologies, making them well-positioned to meet the increasing demands and advancements in the transformer bushing sector. 

For Yash Highvoltage Ltd., the voltage ranges up to 245 kV serves as a suitable target segment matching its product offerings. In 2024, the global market for transformer bushings under 245 kV range was 15,638 crores (SAM for 2024). As the company aims to tap into market upto 440 kV range in future, the global serviceable addressable Market (SAM for 2029F) for Yash Highvoltage Ltd. will expand to 27,121 Crore (Global Transformer Bushings Market up to 440 kV). Currently, the company occupies ~1% share of SAM.

Yash Highvoltage is poised to expand and indigenously develop the core for RIP technology in India that will enable it to export and meet demand internationally with lean supply chain management and power voltage expansion to upto 440 KV in next 5 years. We believe as the niche vertical portfolio players expands into higher voltage transformer bushings, there is an opportunity to obtain 5% of global SAM by 2029, offering an opportunity to expand its business to 1,356 crore.

Within the targeted voltage range, RIP bushings will serve as a sweet-spot for the company as global market is rapidly transitioning from OIP to RIP bushings, leading to global shortages of RIP bushings. This demand-supply gap can be addressed by Yash Highvoltage Ltd. by scaling-up its RIP production to meet domestic and international demand.

YASH HIGHVOLTAGE LIMITED COMPETITIVE STRENGTHS
1. 
Unique positioning in the Indian Transformer Bushing Market
2. Strong industry tailwinds will augment demand for bushings product
3. Strong track record of supply and installation creates entry barriers for new players
4. Long standing and deep relationships with distinguished clientele leading to recurring business
5. Advanced infrastructure, manufacturing facility and R&D capabilities
6. Stringent quality measures and adherence to quality standards
7. Experienced and strong management team and trained workforce

YASH HIGHVOLTAGE LIMITED GROWTH STRATEGIES
1. Indigenous manufacturing of RIP /RIS bushings
2. Expanding their global footprint
3. Focus on retrofit and replacement market

YASH HIGHVOLTAGE LIMITED RISK FACTORS & CONCERNS
1. Their raw material cost constitutes a significant percentage of their total expenses.
2. Majority of the revenue is dependent on single business segment i.e. transformer bushings.
3. All their existing manufacturing facilities and Proposed Manufacturing Facility are situated at Vadodara, Gujarat resulting in concentration in a single region.
4. The business is dependent upon the demand for transformers.

Yash Highvoltage Limited Financial Information (Restated Consolidated)

Amount in (₹ in Lakh)

Period Ended June 30, 2024 Mar 31, 2024 Mar 31, 2023 Mar 31, 2022
Reserve of Surplus 3,787.99 3,905.86 2,900.62 2,143.06
Total Assets 8,084.36 7,039.29 5,914.59 4,315.83
Total Borrowings 1,256.97 707.64 777.60 744.49
Fixed Assets 1,792.54 1,817.89 1,663.92 1,438.99
Cash 454.79 263.88 600.97 548.84
Net Borrowing 802.18 443.76 176.63 195.65
Revenue 2,777.84 10,912.25 9,061.15 6,537.90
EBITDA 537.44 2,079.25 1,940.67 1,483.35
PAT 312.75 1,206.27 1,142.22 871.23
EPS 1.41 5.45 5.16 3.93

Note 1:- RoE calculation in KPI is based on 31st Mar, 2024 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit for the Year) on 31st Mar, 2024 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2024 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on 31st Mar, 2024 Data, given in FINANCIAL EXPRESS & RHP.

Key Performance Indicator

KPI Values
EPS Pre IPO (Rs.) ₹5.45
EPS Post IPO (Rs.) ₹4.22
P/E Pre IPO 26.79
P/E Post IPO 34.56
ROE 32.51%
ROCE 44.07
P/BV 3.00
Debt/Equity 0.17
RoNW 32.51%

Yash Highvoltage Limited IPO Peer Comparison

Company Name EPS ROCE ROE P/E (x) P/Bv Debt/Equity RoNW (%)
Yash Highvoltage Limited ₹4.22 44.07% 32.51% 34.56 3.00 0.17 32.51%
Crompton Greaves Power and Industrial Solutions Limited ₹7.79 15.8% 15.6% 54.0 8.61 0.16 15.6%
Hitachi Energy India Limited ₹47.0 17.8% 12.7% 266 37.8 0.25 12.7%
Yash Highvoltage Limited Contact Details

YASH HIGHVOLTAGE LIMITED

84/1B, PO Khakharia, Taluka- Savli, Vadodara 391510, Gujarat, India
Contact Person : Mr. Tushar Janardan Lakhmapurkar
Telephone : +91 74900 28892
Email ID : cs@yashhv.com
Website : https://yashhv.com/index

Yash Highvoltage IPO Registrar and Lead Manager(s)

Registrar : BIGSHARE SERVICES PRIVATE LIMITED
Telephone : +91 – 22 – 6263 8200
Contact Person : Mr. Ganesh Shinde 
Email ID : ipo@bigshareonline.com
Website : https://www.bigshareonline.com/

Lead Manager : INDORIENT FINANCIAL SERVICES LIMITED
Telephone : +91-79772 12186
Contact Person : Mr. Ivor Anil Misquith
Email ID : compliance-ifsl@indorient.in
Website : https://www.indorient.in/

 

Yash Highvoltage IPO Review

Yash High Voltage Ltd. is a fast emerging Indian leader in power engineering and specialized high voltage and high current Transformer Bushings for utilities and the industrial markets in India and around the globe. Their products are synonymous with innovation and quality and have proven their reliability over decades of class-leading performance.

The Company is led by strong and experienced Promoter, namely, MR. KEYUR GIRISHCHANDRA SHAH.

The Revenues from operations for the period ended on June 30, 2024, Fiscals ended 2024, 2023 and 2022 were 2,777.84 Lakh, ₹10,912.25 Lakh, ₹9,061.15 Lakh and ₹6,537.90 Lakh respectively. The EBITDA for the period ended on June 30, 2024, Fiscals ended 2024, 2023 and 2022 were 537.44 Lakh, 2,079.25 Lakh, ₹1,940.67 Lakh, and ₹1,483.35 Lakh, respectively. The Profit after Tax for the period ended on June 30, 2024, Fiscals ended 2024, 2023 and 2022 were 312.75 Lakh, ₹1,206.27 Lakh, ₹1,142.22 Lakh, and ₹871.23 Lakh respectively.

 

For the Yash Highvoltage IPO, the company is issuing shares at a pre-issue EPS of 5.45 and a post-issue EPS of ₹4.22. The pre-issue P/E ratio is 26.79x, while the post-issue P/E ratio is 34.56x against the Industry P/E ratio is 194x. The company's ROCE for FY24 is 44.07% and RoE for FY24 is 32.51%. These metrics suggest that the IPO is fairly priced.

The Grey Market Premium (GMP) of Yash Highvoltage showing potential listing gains of 73.63%. Given the company's financial performance and the valuation of the IPO, we recommend Investors to Apply to the Yash Highvoltage Limited IPO for Listing gain or long term investment purposes.


Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 

About the Author
 CA Abhay Kumar (Also known as  CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms during the training period. He is good at Technical analysis and Fundamental Analysis and uses both Technical and Fundamental analysis along with five other important factors that affect the movement of the Market namely Global Market Analysis, Upcoming Event Analysis, Institutional Money Analysis, Derivative Data Analysis, and Emotions and Sentiment of Traders and Investors in his Framework called - Technical Fundamental GUIDE to find the winning Trades.
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