Wiscon Industries IPO

Easy to miss in the prospectus

• The Red Herring Prospectus itself leaves the price, the lot size and every rupee amount of the offer as placeholders. The band of ₹194 to ₹204, the bid lot of 600 shares and the minimum bid of 1,200 shares here come from the issuer's pre-offer and price band advertisement of 22 October 2026, filed with BSE, and match the terms BSE carries on the issue's own bid-detail page. The advertisement states the issuer's price-to-earnings ratio on FY26 diluted earnings as 14.31 times at the floor price and 15.04 times at the cap. The rupee size of the offer is still a placeholder in every filing until the prospectus is filed after pricing, so issue size, P/E, market capitalisation, price-to-sales and price-to-book are left blank here rather than estimated.
• The financial series changes basis. FY24 and FY25 are standalone, because the subsidiary was not owned until 25 May 2025; FY26 and the June 2026 quarter are consolidated. Growth measured across FY25 to FY26 mixes a 13.6-fold jump in reported revenue with an acquisition.
• Two different FY26 return figures appear in the RHP. Return on net worth of 66.67% in the Basis for Offer Price section divides profit by closing net worth; the KPI table's return on equity of 117.37% divides it by average equity. This record carries the 66.67% RoNW. FY24 RoNW is printed as 401.97% because net worth was negative.
• The disclosed debt to equity ratio of 0.83 for FY26 is total borrowings of ₹25.26 Cr - ₹9.97 Cr long-term and ₹15.29 Cr short-term - over total equity of ₹30.61 Cr.
• Post-issue EPS of ₹10.21 is FY26 profit spread over the 1,99,87,500 post-offer shares the RHP states. The RHP notes that the share count may be adjusted for lot size once the price is fixed.
• Allocation here is the RHP's share split of the 50,02,200-share net offer: up to 24,51,600 to QIBs (half of it anchor), at least 7,72,200 to non-institutional bidders and at least 17,78,400 to individual investors. A further 3,90,000 shares are reserved for the market maker, Shreni Shares Limited.
• The stated objects add up to ₹72.26 Cr before general corporate purposes and offer expenses. The fresh issue is fixed at 43,14,000 shares, so how much of that list is actually funded depends on the price.
• The RHP says no orders have yet been placed for the subsidiary's plant and machinery, nor for the ₹5.23 Cr of marketing and promotion the offer is to fund.
• EPS for FY24 is printed as a loss of ₹28.51 a share in the Basis for Offer Price table and ₹28.50 in the summary financial information.
• The gross margins the RHP reports for sales to related parties and to unrelated parties are identical for every product in both FY26 and the June 2026 quarter - for example 13.94% on LED TVs in FY26 and 25.36% in the quarter.
• Goodwill on consolidation of ₹1.57 Cr from the subsidiary acquisition sits on the balance sheet at 30 June 2026.
• The only listed peer the RHP compares against is Cellecor Gadgets, so its industry P/E of 15.89 times is a single company's multiple, not an average.
• Anchor lock-in expiry dates are left blank: they depend on the final allotment date and are not stated in the RHP.