Avana Electrosystems IPO

Avana Electrosystems Limitedavanaelectrosystems.com

ListedSMEIndustrialsNSE Emerge

Price band: ₹56 – ₹59
Issue size: ₹35.22 Cr
Lot size: 2000 sh
Bidding: 12 – 14 Jan
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

84Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Avana Electrosystems, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2010 · Peenya Industrial Area, Bengaluru, Karnataka · 137 employees

Avana Electrosystems makes control and relay panels and protection relays used to monitor and protect electrical power systems. Its panels cover 11kV to 220kV applications: feeder and transmission-line protection, power transformer, bus-bar and capacitor-bank panels, plus medium-voltage indoor and outdoor panels and low-voltage AC and DC distribution, on-load tap changer and metering panels. It also designs and builds numerical, microprocessor-based protection relays alongside electromechanical relays and panel accessories. Customers are government power utilities and private energy producers, with equipment going into solar and wind plants, other generation sites, transmission stations and substations. The company is ISO 9001:2015 certified, runs two plants in the Peenya industrial area of Bengaluru, and employed 137 people as on 30 September 2025.

Each order is engineered to customer specification rather than built for stock. The two product lines were near-balanced in FY25: panels ₹30.09 Cr (48.94%) and relays ₹31.40 Cr (51.06%) of ₹61.49 Cr revenue from operations. Bought-in components drive cost, leaving gross profit after materials at 47.80% of revenue and an EBITDA margin of 20.36% in FY25. The binding constraints are working capital and floor space: net working capital rose from ₹10.97 Cr at March 2023 to ₹23.19 Cr at September 2025, and FY25 output already ran at 94.5% of relay capacity and 87.16% of panel capacity. ₹11.55 Cr of the fresh issue funds a new integrated manufacturing unit and ₹8.60 Cr working capital.

The company on paper

Legal name: Avana Electrosystems Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 16 Jul 2010
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U31400KA2010PLC054508
Sector: Industrials · Control and relay panels and protection relays for power transmission and distribution
Employees: 137
Registered office: Peenya Industrial Area, Bengaluru, Karnataka
Promoters: Anantharamaiah Panish, Gururaj Dambal, S Vinod Kumar, K N Sreenath
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 73.6%
Website: avanaelectrosystems.com

The numbers

Financial performance

Revenue has compounded at 47.1% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

87% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹30.54 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹4.68 Cr
Total issue size: ₹35.22 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 3,00,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 26.4% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription131.81×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹59.00
Listed at: ₹77.50
Listing gain: up 31.4%
Since listing: up 100.3%
Against the issue price: up 163.1%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 4,000
At cut-off price: ₹59.00
Amount blocked: ₹2,36,000

One lot is 2000 shares at ₹1,18,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,36,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~0.7%

chance of one lot, per application

Retail subscription: 137.51×
Applicants per share available: 137.5× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹77.50

listed at, 31.4% against the issue price

Issue price: ₹59.00
Premium said: —
If allotted 2000 shares: ₹37,000

Listing-day figures are as reported by the exchanges.

Our read

Easy to misread

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

Easy to miss in the prospectus

The last column is a six-month stub (1 April to 30 September 2025), not a full year: its revenue and profit are not comparable to the FY columns, and the prospectus marks its EPS "not annualised".
Share capital jumped from ₹79.41 lakh at FY25 to ₹1,746.94 lakh at 30 September 2025 on a 21:1 bonus issue of 1,66,75,344 shares dated 19 August 2025. That was a capitalisation of reserves, so net worth is unaffected and only the capital/reserves split moves; FY23-FY25 per-share figures are restated post-bonus.
Revenue here is Revenue from Operations per the restated statements. Trackers often quote Total Income instead, which is higher (FY25: ₹62.93 Cr against ₹61.49 Cr), so the two series will not tie. EBITDA follows the prospectus definition (PBT + depreciation + interest − other income) and therefore excludes other income.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Avana Electrosystems — Prospectus dated 2026-01-1414 Jan 2026Filed after pricing, with every placeholder filled in.Opens on indcap.in

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Indcap Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Integrated Registry Management Services Private Limited

How these figures were checked

Reconciled to Avana Electrosystems's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 12 Jan 2026
Closes: 14 Jan 2026
Allotment: 15 Jan 2026
Lists: 20 Jan 2026
Revenue (FY25): ₹61.49 Cr
Profit (FY25): ₹8.31 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.