Upcoming IPO: Vinir Engineering Ltd filed its preliminary draft papers with the capital markets regulator Securities and Exchange Board of India (SEBI), to raise funds via an initial public offering (IPO). According to the company’s draft red herring prospectus, the proposed IPO comprises an offer-for-sale (OFS) of up to 53.3 million equity shares with a face value of ₹2 each. The OFS will be entirely undertaken by the promoter-selling shareholder, Nitesh Gupta.
Pantomath Capital Advisors Private Limited is the Book Running Lead Manager (BRLM) for the upcoming public issue, while KFIN Technologies Limited will act as the Registrar. Vinir Engineering Ltd produces critical, heavy, and precision-forged components for various industries, including energy, defence, hydraulics, aerospace, railways, and high-end engineering.
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Vinir Engineering IPO, Company Details
The company’s products are integral in systems such as armoured vehicles, oil and gas systems, combat equipment, aircraft propulsion, power turbines, railway locomotives, and nuclear energy infrastructure. Vinir Engineering’s expertise covers various metals and hardware, such as alloy steel, titanium, Hastelloy, stainless steel, duplex steel, Inconel, and aluminium.
Based in Karnataka, Vinir Engineering Ltd is equipped to manufacture components ranging from 20 kilograms to 6,000 kilograms. Its total installed capacity is 38,000 metric tons per annum (MTPA), distributed across three manufacturing units located in Bengaluru, Hosur, and Kalukondanapalli.
Between FY22 and September 2024, Vinir Engineering added 39 new customers while maintaining an annual average of 60–70 active clients. Vinir Engineering serves a diverse customer base spanning over 150 unique clients from sectors like energy, aerospace, and defence, both in India and abroad. Its international footprint includes markets like the US, Mexico, Spain, Malaysia, Saudi Arabia, and Canada.
In terms of financial metrics, the company recorded a profit of ₹29 crore for the fiscal year 2024, up 8.8 per cent over the previous fiscal year. Revenue for the quarter ended March 2024 stood at ₹229.5 crore, up 1.1 per cent over the fiscal year 2023. Further, profit for the six months ended September 2024 stood at ₹20.2 crore on revenue of ₹103.4 crore.
