IPO Overview
Highness Microelectronics Limited was founded in 2007 as a private company and was later converted into a public limited company in 2024. It is an ISO 9001:2015 and ISO 13485:2016 certified company engaged in the design, development, integration, assembly, and manufacture of digital imaging solutions.
The company offers two main types of products — Off-the-Shelf Products, which include flat panel displays like TFT and LCD modules, display controllers, electroluminescent and vacuum fluorescent displays, touch screens, cable assemblies and harnesses, backlight drivers & inverters, and display enhancement solutions; and Market-Specific / Customized Solutions made as per customer requirements for specialized applications.
The company serves industries such as Industrial Automation, Medical and Healthcare, Transportation (Trains, Metros, Automobiles), and Surveillance and Defence.
The IPO opens on 24 March 2026 and closes on 27 March 2026, aiming to raise ₹21.67 crore, with listing expected on BSE SME around 2 April 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 24 March 2026 |
| IPO Close Date | 27 March 2026 |
| Allotment Date | 30 March 2026 (Expected) |
| Credit to Demat | 01 April 2026 |
| Listing Date | 02 April 2026 (Tentative) |
| Price Band | ₹114 – ₹120 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,88,000 (2 lots = 2,400 shares) |
| Minimum Investment (HNI) | ₹4,32,000 (3 lots = 3,600 shares) |
| Issue Size | 18,06,000 shares (₹21.67 crore) |
| Fresh Issue | 16,53,600 shares (₹19.84 crore) |
| Offer For Sale (OFS) | 1,52,400 shares (₹1.83 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
The IPO is a combination of a fresh issue of 0.17 crore shares aggregating to ₹19.84 crore and an offer for sale of 0.02 crore shares aggregating to ₹1.83 crore. The OFS proceeds will go to the promoter selling shareholders, while the fresh issue proceeds will be retained by the company for business growth.
Objects of the Issue (Fund Utilization)
The company proposes to utilise net proceeds from the fresh issue towards Capital Expenditure — specifically installation of an Indo-Gangjee making line as part of the localisation of open-cell production at the Rabale facility (₹5.00 crore). The remaining proceeds are earmarked for:
- Capital Expenditure — localisation of open-cell production (Indo-Gangjee making line) at Rabale facility — ₹5.00 crore
- Repayment / prepayment of outstanding borrowings
- Working capital requirements
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Manager: Fintellectual Corporate Advisors Pvt. Ltd.
- Registrar to the Issue: Skyline Financial Services Pvt. Ltd.
- Phone: 022-28511022
- Email: [email protected]
- Website: www.skylinerta.com/ipo.php
Promoters & Management
The promoters of Highness Microelectronics are Mr. Gaurav Manjul Kejriwal, Mr. Manjul Kumar Kejriwal, and Mrs. Shruti Gaurav Kejriwal.
The company’s registered office is in Mumbai, and its manufacturing facilities are located at Rabale, Navi Mumbai.
Company Details
Highness Microelectronics was incorporated on 6 September 2007 and converted into a public limited company in 2024. It holds ISO 9001:2015 (quality management) and ISO 13485:2016 (medical devices quality management) certifications, supporting its positioning in quality-sensitive and medical-grade applications.
Sectors Served:
- Industrial Automation
- Medical & Healthcare
- Transportation (Trains, Metros, Automobiles)
- Surveillance & Defence
Key Products:
- TFT / LCD Display Modules
- Display Controllers
- Electroluminescent & Vacuum Fluorescent Displays
- Touch Screens
- Cable Assemblies & Harnesses
- Backlight Drivers & Inverters
- Open-frame, Panel-mount, Industrial-grade & Medical-grade customized solutions
Key Capabilities: High quality standards with ISO-certified operations, strong customization expertise, established customer relationships, and specialized weather-resistant and application-specific display solutions.
Manufacturing Facility:
- Rabale, Navi Mumbai, Maharashtra
- Registered Office: Andheri (East), Mumbai
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹10.99 | ₹2.39 |
| FY25 | ₹14.17 | ₹2.52 |
Key Financial Metrics
- Revenue CAGR of ~29% over 1 year (FY24 to FY25); EBITDA CAGR of 62% in the same period.
- ROE: 46.61% | EPS: ₹7.04 | NAV per share: ₹18.64 | Net Worth: ₹65.42 million | Total Borrowings: ₹49.27 million (FY25)
Company Strengths
- Operates in a niche segment of digital display and imaging solutions with strong capabilities in customized industrial and medical-grade applications.
- Dual ISO certifications (9001:2015 & 13485:2016) — giving access to quality-sensitive sectors like medical devices and defence.
- Benefits from strong sectoral demand in industrial automation, healthcare, transportation, and defence, where specialised display systems are increasingly important.
- Strong ROE of ~46.61% — well above SME sector average.
- Revenue CAGR of 29% and EBITDA CAGR of 62% — reflecting operational leverage and improving profitability.
- Long operating track record since 2007 — over 18 years of domain expertise in digital imaging.
Key Risks & Challenges
- Small company size: Revenue of only ₹14.17 crore in FY25 — very limited scale with high concentration risk.
- Slow PAT growth: PAT grew only 4% from FY24 to FY25 despite a 29% revenue jump — suggesting rising costs or margin pressure.
- Existing debt: Total borrowings stood at ₹49.27 million in FY25— needs to be managed carefully post-IPO.
- SME liquidity risk: Being listed on BSE SME, the stock may face limited trading volumes and wider bid-ask spreads post listing.
- Import dependence: Digital display components like TFT panels and LCD modules are largely imported, making the business vulnerable to currency fluctuations and global supply chain disruptions.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
