Online Instruments (India) files IPO papers, eyes raising Rs 750 crore from fresh issue

Synopsis

Online Instruments (India) has filed draft papers with Sebi for an IPO comprising a fresh issue of up to Rs 750 crore and an OFS of 57.1 lakh shares by promoters. The Bengaluru-based company plans to use the proceeds for debt repayment, working capital needs, acquisitions and general corporate purposes. Rs 160 crore is earmarked for debt repayment.

Online Instruments (India) has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO).

The Bengaluru-based company’s proposed IPO comprises a fresh issue of shares worth up to Rs 750 crore and an offer for sale (OFS) of up to 57.1 lakh shares by promoters Anita Mahesh Bellad and Rajeshwari Shivanand Mahashetti. The issue carries a face value of Rs 2 per share.

According to the DRHP, proceeds from the fresh issue will be used towards repayment or prepayment of certain borrowings, funding working capital requirements and supporting inorganic growth initiatives through unidentified acquisitions, along with general corporate purposes. Out of the total proceeds, Rs 160 crore has been earmarked for debt repayment while Rs 330 crore will go towards working capital requirements.

The company may also consider a pre-IPO placement of up to Rs 150 crore in consultation with the book-running lead managers. If such placement is completed, the size of the fresh issue will be reduced accordingly.

Incorporated in 2006, Online Instruments provides audiovisual systems integration, or AVSI, solutions and is a recognised player in the Indian audio-visual systems integration market, according to a 1Lattice report cited in the DRHP.

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The company’s AVSI offerings cover a wide range of applications, including unified communications and collaboration solutions, smart conference rooms, large auditoriums, network operating command centres and customer experience centres.

Its solutions are marketed under the Online Instruments and Level 3 Audiovisual brands. Apart from AVSI solutions, the company manufactures interactive flat panel displays, or IFPDs, provides LED display products and sells audiovisual accessories under its LOGIC brand. It also manufactures white-labelled

IFPDs for original equipment manufacturers.

The company additionally operates a commercial and architectural lighting business under the Orange Plus brand, while also manufacturing lighting products for OEMs.

Online Instruments currently operates three manufacturing facilities in Bengaluru. One of these is its completely knocked down, or CKD, manufacturing facility for IFPDs, which commenced commercial operations in November 2024. According to the 1Lattice report referenced in the DRHP, this is India’s first CKD facility for manufacturing IFPDs.

For the nine months ended December 31, 2025, the company reported revenue from operations of Rs 466.1 crore and net profit of Rs 14.5 crore. Revenue from operations stood at Rs 547 crore in FY25 compared with Rs 336 crore in FY23, while net profit rose to Rs 35 crore from Rs 16 crore over the same period.

Equirus Capital and Motilal Investment Advisors are the book-running lead managers to the issue, while MUFG Intime India is acting as the registrar. The company plans to list its shares on both the BSE and the National Stock Exchange of India.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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