Yash Highvoltage IPO

Yash Highvoltage Ltd

₹1,38,000 /1000 sharesMinimum Investment

Yash Highvoltage IPO Listing Details

Listed OnIssue PriceListing PriceListing Gains
--₹146.00₹277.40₹131.40 (90.00%)

Yash Highvoltage IPO Details

Bidding DatesMin. InvestmentLot SizePrice Range
12 Dec ‘24 - 16 Dec ‘24₹1,38,0001,000₹138 - ₹146
Issue SizeIPO Doc
110.01Cr
RHP PDF

Subscription rate

As of 16 Dec'24, 04:00 PM
Qualified Institutional Buyers6.63x
Non-Institutional Investor58.63x
Retail Individual Investor79.10x
Total54.33x

About Yash Highvoltage

Yash Highvoltage Limited is a manufacturer and distributor of a 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. It provides on-site/off-site technical testing, analysis and repair services for bushings. Originally incorporated as Yash Highvoltage Insulators Private Limited in 2002 by a group of technocrats to manufacture fibre-reinforced polymer cylinders and high-current bushing products, it was taken over by Keyur Shah in 2008. The company’s corporate office and manufacturing unit are located in Vadodara, Gujarat. The manufacturing unit has an annual installed capacity to produce a total of 7,000 bushings – 3,700 units of OIP bushings, 3,000 units of RIP bushings and 300 units of high-current bushings. The company is on the approved vendor list of certain government of India-led enterprises and large private companies engaged in the power sector.;
Founded in
2002
Managing director
Mr. Keyur Girishchandra Shah
Parent organisation
Yash Highvoltage Ltd

Strengths & Financials of Yash Highvoltage

Strengths
Risks
Yash Highvoltage has two in-house electromagnetically shielded high voltage AC & impulse testing laboratories of the following ratings • 300kV AC Testing Laboratory. • 600kV AC & 1500kVp Impulse Testing Laboratory.
The company claims to be a dominant market player in manufacturing OIP condenser bushings of up to 245kV and high current bushings of up to 25,000 amps. It claims to have pioneered the localisation of explosion-proof and advanced RIP/RIS bushings through a technology partnership with a Switzerland-based company which is a pioneer in the field of solid insulation.
The rising demand for power in India, the ‘Make in India’ initiative of the government and the electrification of railways are tailwinds for the company.
Over the past 15 years, the company has gained vital experience and has built up a track record in the distribution and installation of bushings globally. From Fiscal 2022 to 2024, its bushing volumes have grown at a CAGR of 19%. It has exported to about 24 countries during this period.
The company has added about 98 new clients in FY24 and FY23.
The company has seen a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 65.06 crore in FY22 to Rs 90.36 crore in FY23 to Rs 108.48 crore in FY24. PAT increased from Rs 8.71 crore in FY22 to Rs 11.42 crore in FY23 to Rs 12.06 crore in FY24.
The company plans to use a portion of the net proceeds of the IPO to set up a manufacturing unit at Suncity Industrial Park, Savli, Vadodara, Gujarat. However, no orders have been placed for certain plant, machinery and equipment, nor has it applied for the necessary government approvals for the unit. Any inability to commission the unit on time or cost overruns could adversely affect its business.
The top 10 clients of the company accounted for Rs 23.22 crore (80.03%), Rs 87.29 crore (80.47%), Rs 78.46 crore (86.83%) and Rs 55.81 crore and (85.78%) of its total revenue from operations for the three months ended June 30, 2024, and FY24, FY23 and FY22. The loss of any of these key clients or a slowdown in business from them could hurt the company’s business and financial standing.
A majority of its revenue is dependent on a single business segment – transformer bushings. Any adverse impact on the sales of transformer bushings could adversely affect its operations and profitability.
The manufacturing units – existing and proposed – are concentrated in Vadodara, Gujarat, Any disruption of business in this location could adversely affect the company.
The company has generated negative cash flow from its investing and financing activities during the previous three financial years and stub period. Any repeat of this would not be good for the company.
There are certain ongoing legal proceedings involving the company, its promoters and directors. Any adverse judgment in any of these cases could hurt the company’s business.

Yash Highvoltage Financials

*All values are in Rs. Cr
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Application Details of Yash Highvoltage IPO

Apply asPrice bandApply upto
Regular138 - 146₹2 - 5 Lakh
High Networth Individual138 - 146₹2 - 5 Lakh
For Yash Highvoltage IPO, eligible investors can apply as Regular.