Avana Electrosystems Ltd IPO
Capital Goods - Electrical Equipment
Price Band
₹56 – ₹59
Lot Size
2000
Minimum Bid Quantity
4000
Minimum Investment
₹236000
Issue Size
₹35.22Cr
Opens
2026-01-12
Closes
2026-01-14
Listing
20-01-2026
Subscription Status
Qualified Institutional Buyers
54.97 x
Non-Institutional Investor
162.64 x
Retail Individual Investor
135.62 x
Total
121.71 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1KU201016
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Avana Electrosystems Limited manufactures control and relay panels and relays for power system monitoring, control, and protection applications. Its products include customised control and relay panels ranging from 11 kV to 220 kV for transmission lines, power transformers, bus bars, and capacitor banks, along with MV and LV panels, protection relays, and substation automation systems, including SCADA and BCU-based panels. The portfolio encompasses high-voltage and extra-high-voltage panels, medium-voltage indoor and outdoor panels, low-voltage systems such as AC/DC distribution boxes, on-load tap changer panels, metering panels, and protection and electromechanical relays. The company serves governmental power utilities and private energy producers, and operates two manufacturing units in Peenya, Bengaluru, Karnataka.
Pros
- • The company claims to have built long-standing relationships with state-owned electricity distribution companies and private power distribution firms. It catered to 367 customers in FY25, up from 307 in FY24 and 275 in FY23, indicating a broad and expanding customer base.
- • Avana Electrosystems claims to offer customised control and relay panels ranging from 11 kV to 220 kV, along with a range of protection and electromechanical relays. These products are used across power generation, transmission, and distribution applications, including renewable energy installations and substations.
- • The company claims to follow multiple stages of quality checks, including material inspection, in-process testing, and pre-dispatch testing. It also states that it has an in-house testing laboratory and that its products are tested as per IEC standards at NABL-accredited laboratories. Its Peenya manufacturing facility is ISO 9001:2015 certified for quality management systems.
Cons
- • The company is involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could hurt the company’s business prospects.
- • The top five customers accounted for Rs 13.79 crore (22.42 percent) of the company’s revenue in FY25; Rs 12.06 crore (22.76 percent) in FY24, and Rs 10.23 crore (36.01 percent) in FY23. Any adverse change in the business relationship with one or more of these key customers, such as reduced order volumes, changes in contract terms, delayed payments, or termination, could adversely affect the company’s revenue, cash flows, and overall financial performance.
- • The top five suppliers accounted for Rs 14.86 crore (42.62 percent) of the company’s total purchase of raw materials and consumables in FY25; Rs 15.03 crore (41.00 percent) in FY24, and Rs 8.21 crore (44.29 percent) in FY23. Any adverse changes in the relationship with one or more key suppliers, such as reduced supply, changes in supply or payment terms, or termination, could disrupt procurement, affect production schedules, and adversely impact the company’s revenue, cash flows, and overall financial performance.
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