Yash Highvoltage Ltd. is a rapidly emerging leader in India’s power engineering sector, specializing in high-voltage and high-current transformer bushings. The company’s products, synonymous with innovation and quality, have demonstrated reliability across decades of exceptional performance. Led by experienced promoter Mr. Keyur Girishchandra Shah, Yash Highvoltage continues to grow its footprint domestically and globally.

Yash Highvoltage IPO Details

• Issue Type: Book-Built Issue

• IPO Size: ₹110.00 crores

  • Fresh Issue: 64.05 lakh shares (₹93.51 crores)

  • Offer for Sale (OFS): 11.30 lakh shares (₹16.49 crores)

• Price Band: ₹138 to ₹146 per equity share

• Market Capitalization: ₹416.84 crores (at upper price band)

• Lot Size: 1,000 shares

  • Minimum Investment for Retail Investors: ₹1,46,000

  • Minimum Investment for High-Net-Worth Individuals (HNIs): ₹2,92,000

• Subscription Dates: December 12, 2024, to December 16, 2024

• Allotment Date: December 17, 2024

• Listing Date: December 19, 2024 (on NSE and BSE)

• Lead Manager: Indorient Financial Services Limited

• Registrar: Bigshare Services Private Limited

• Market Maker: Alacrity Securities Limited

Utilization of IPO Proceeds

The funds raised from the fresh issue will be allocated as follows:

1. Setting up a new factory: ₹7,033.98 lakh for manufacturing Resin Impregnated Paper (RIP) and Resin Impregnated Synthetic (RIS) transformer bushings.

2. General Corporate Purposes: Remaining funds will support business operations.

Financial Performance Highlights

Yash Highvoltage’s financial metrics showcase consistent growth:

• Revenue from Operations:

  • FY24: ₹10,912.25 lakh

  • FY23: ₹9,061.15 lakh

  • FY22: ₹6,537.90 lakh

• EBITDA:

  • FY24: ₹2,079.25 lakh

  • FY23: ₹1,940.67 lakh

  • FY22: ₹1,483.35 lakh

• Profit After Tax (PAT):

  • FY24: ₹1,206.27 lakh

  • FY23: ₹1,142.22 lakh

  • FY22: ₹871.23 lakh

Valuation Metrics

• Pre-Issue EPS: ₹5.45

• Post-Issue EPS: ₹4.22

• Pre-Issue P/E Ratio: 26.79x

• Post-Issue P/E Ratio: 34.56x

• Industry P/E Ratio: 194x

• ROCE (FY24): 44.07%

• ROE (FY24): 32.51%

The valuations indicate that the IPO is fairly priced, offering an attractive entry point for investors.

Grey Market Premium (GMP) Trends

Yash Highvoltage IPO has shown impressive GMP activity:

Subscription Status (Live Updates)

As of 11:00 AM on December 12, 2024:

• Total subscription: 0.11 times

• Updated subscription status can be tracked on the BSE website.

Anchor Investors

Yash Highvoltage raised ₹31.33 crores from anchor investors by allocating 21,46,000 shares at the upper price band of ₹146 per share.

Allotment Process

Investors can check their allotment status on the registrar’s website from December 17, 2024, by following these steps:

1. Visit the IPO allotment status page.

2. Select "Yash Highvoltage IPO" from the dropdown list.

3. Enter your application number, PAN, or DP Client ID.

4. Submit to view your allotment details.

Investment Recommendations

The Yash Highvoltage IPO offers a compelling investment case:

1. Strong Financials: Consistent revenue and profit growth, with robust return metrics (ROCE and ROE).

2. Fair Valuation: Reasonable P/E ratios compared to the industry.

3. High GMP Activity: Potential listing gains of over 73% based on current trends.

4. Growth Potential: Strategic expansion into high-demand transformer bushing technology.

Conclusion

Given Yash Highvoltage’s financial strength, fair valuation, and strong market demand, this IPO is a promising opportunity for both listing gains and long-term investment. Investors are encouraged to apply, keeping in mind the company’s growth potential and sector dominance.