January 7, 2026
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Avana Electrosystems IPO
Avana Electrosystems Limited is launching a book-built IPO of Rs. 35.22 crores. The issue comprises a fresh issue of 0.52 crore shares aggregating to Rs. 30.54 crores and an offer for sale of 0.08 crore shares aggregating to Rs. 4.68 crores.
The IPO opens for subscription on January 12, 2026, and closes on January 14, 2026. The allotment for the Avana Electrosystems IPO is expected to be finalised on January 15, 2026. The IPO will list on NSE SME, with a tentative listing date of January 19, 2026.
The price band for the IPO is fixed at Rs. 56 to Rs. 59 per share. The lot size is 2,000 shares. The minimum investment by a retail investor is Rs. 2,36,000 (4,000 shares at the upper price band).
Lead Manager: Indcap Advisors Pvt. Ltd.
Registrar: Integrated Registry Management Services Pvt. Ltd.
Refer to the Avana Electrosystems IPO DRHP for detailed information.
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | Monday, January 12, 2026 |
| IPO Close Date | Wednesday, January 14, 2026 |
| Allotment Date | Thursday, January 15, 2026 |
| Refunds Initiation | Friday, January 16, 2026 |
| Credit to Demat | Friday, January 16, 2026 |
| Listing Date | Monday, January 19, 2026 |
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | January 12, 2026 – January 14, 2026 |
| Listing Date | Monday, January 19, 2026 |
| Face Value | Rs. 10 per share |
| Issue Price Band | Rs. 56 – Rs. 59 |
| Lot Size | 2,000 shares |
| Sale Type | Fresh Issue & Offer for Sale |
| Issue Type | Book-Build IPO |
| Listing At | NSE SME |
| Total Issue Size | 59,70,000 shares |
| Issue Size | Rs. 35.22 Cr |
| Market Maker Reservation | 3,00,000 shares (Rs. 2 Cr) |
| Fresh Issue (Ex-Market Maker) | 48,76,000 shares (Rs. 29 Cr) |
| Offer for Sale | 7,94,000 shares (Rs. 5 Cr) |
| Net Offer to Public | 56,70,000 shares (Rs. 33 Cr) |
| Shareholding Pre-Issue | 1,74,69,408 shares |
| Shareholding Post-Issue | 2,26,45,408 shares |
| Market Cap (Pre-IPO) | Rs. 133.61 Cr |
IPO Reservation
| Investor Category | Allocation |
|---|---|
| QIB | Not more than 50% of Net Offer |
| Retail | Not less than 35% of Net Offer |
| NII | Not less than 15% of Net Offer |
IPO Lot Size
Investors can bid for a minimum of 4,000 shares and in multiples of 2,000 shares thereafter.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Minimum) | 2 | 4,000 | Rs. 2,36,000 |
| Retail (Maximum) | 2 | 4,000 | Rs. 2,36,000 |
| S-HNI (Minimum) | 3 | 6,000 | Rs. 3,54,000 |
| S-HNI (Maximum) | 8 | 16,000 | Rs. 9,44,000 |
| B-HNI (Minimum) | 9 | 18,000 | Rs. 10,62,000 |
About Avana Electrosystems Limited
Incorporated in 2010, Avana Electrosystems Limited is engaged in the manufacturing of customised Control and Relay Panels.
The company manufactures Control and Relay Panels ranging from 11 kV to 220 kV for power system monitoring, control and protection applications, including transmission lines, power transformers, bus bars, capacitor banks, for both indoor and outdoor usage. Its product offerings also include MV & LV panels, protection relays and substation automation systems.
The company operates two manufacturing units located at Peenya Industrial Estate, Bengaluru, Karnataka, equipped with advanced engineering and industrial production capabilities.
As of August 31, 2025, the company employed 129 personnel.
Product Portfolio
• Indoor Type Control and Relay Panels
• Numerical Protection Relays
• Electromechanical Relays
• Substation Automation Panels
• Relay Test Blocks and Test Plugs
Competitive Strengths
Strong customer relationships and diversified customer base
High level of customisation and multi-product capabilities
Quality certifications and rigorous quality testing processes
Experienced promoters and senior management team
Established geographical reach
Company Financials (Rs. crore)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 49.42 | 38.07 | 28.52 |
| Total Income | 62.93 | 53.26 | 28.59 |
| Profit After Tax | 8.31 | 4.02 | 0.92 |
| EBITDA | 12.52 | 7.42 | 1.92 |
| Net Worth | 21.80 | 13.49 | 9.46 |
| Reserves & Surplus | 21.01 | 12.69 | 8.67 |
| Total Borrowings | 5.69 | 9.27 | 7.33 |
Objects of the Issue
| Sr. No. | Objects | Estimated Amount (Rs. Cr) |
|---|---|---|
| 1 | Capital expenditure for integrated manufacturing unit | 11.55 |
| 2 | Working capital requirements | 8.40 |
| 3 | General corporate purposes | – |
Key Performance Indicators (As on March 31, 2025)
| KPI | Value |
|---|---|
| ROE | 47.11% |
| ROCE | 53.71% |
| Debt / Equity | 0.13 |
| RoNW | 38.13% |
| PAT Margin | 13.52% |
| EBITDA Margin | 20.36% |
| Price to Book Value | 4.73 |
Valuation Parameters
| Particulars | Pre IPO | Post IPO |
|---|---|---|
| EPS (Rs.) | 4.76 | 3.67 |
| P/E (x) | 12.40 | 16.07 |
| Promoter Holding | 100% | 73.64% |
Promoters: Anantharamaiah Panish, Gururaj Dambal, S. Vinod Kumar and K. N. Sreenath
Company Address
Avana Electrosystems Limited
Peenya Industrial Estate
Bengaluru – 560058
Karnataka, India
IPO Lead Manager(s)
Indcap Advisors Pvt. Ltd.
IPO Registrar
Integrated Registry Management Services Pvt. Ltd.
Phone: 044-28140801 to 28140803
Email: smeipo@integratedindia.in
Website: https://www.integratedindia.in
Avana Electrosystems IPO – Review
Avana Electrosystems Limited operates in a niche segment of customised control and relay panels, catering to power transmission and substation automation requirements.
The company has demonstrated strong financial traction, with revenue growth of 18% and a sharp 107% jump in PAT in FY25, reflecting operating leverage.
Profitability metrics are healthy, led by ROCE of 53.71%, ROE of 47.11% and EBITDA margin of 20.36%, indicating efficient capital utilisation.
The balance sheet remains comfortable with low leverage (Debt/Equity of 0.13), providing financial flexibility for expansion.
IPO proceeds are largely earmarked for capacity expansion and working capital, which should support future growth.
However, working capital intensity remains high, with trade receivables of Rs. 21.90 crore and inventory of Rs. 14.71 crore, which appear elevated compared to the average monthly turnover of Rs. 5.12 crore in FY25 and warrant closer scrutiny.
Additionally, the sharp decline in cost of material consumed to 52.19% of sales from 57.18% in FY23, although positive on margins, comes just ahead of the IPO and therefore requires deeper analysis for sustainability.
Valuation at the upper band implies a post-IPO P/E of ~16x, which appears reasonable for a high-growth SME but leaves limited room for execution slippages.
Chanakya View: Suitable for investors with higher risk appetite, tracking working capital discipline and margin sustainability post listig.
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