About Online Instruments (India) IPO

The Online Instruments (India) IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include up to [-] equity share of face value of ₹2 each aggregating up to ₹750 crores. The offer for sale portion includes 57,10,000 shares of ₹2 (aggregating up to ₹[TBA] crores). The total number of shares and aggregate amount are yet to be finalised.

Online Instruments (India) IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

Online Instruments (India) provides audiovisual systems integration (“AVSI”) solutions (which they refer to as their “AVSI” business) and is a well-established player in the Indian audio-visual system integration solutions market (source: 1Lattice Report). Their AVSI capabilities extend across the full breadth of a client’s project, with experience across diverse use cases, including unified communications and collaboration (“UCC”) solutions, as well as AVSI deployments for smart conference rooms, large auditoriums, network operating command centres, and customer experience centres.

Objectives of Online Instruments (India) IPO

• Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company.
  
• Funding the working capital requirements of the company.
  
• Funding inorganic growth through unidentified acquisitions and general corporate purposes.
  

Industry Outlook

The Indian audio-visual systems integration (AVSI) market comprises services focused on designing, integrating, installing, and maintaining professional AV hardware and software to enable synchronised audio-visual communication across commercial, institutional, and public environments. The AVSI industry is characterised by rapid technological advancements, frequent product innovation, and evolving customer preferences. AVSI solutions are widely deployed across corporate offices, command and control centres, educational institutions, and public venues such as airports, metro stations, retail outlets, and hospitality spaces. The deployment of AV solutions in India is influenced by factors such as the expansion of digital infrastructure, urban development, increasing adoption of technology-enabled workplaces and public services, and the growing need for real-time communication and information management, ready availability of cutting-edge AV technologies, and their lowering costs over time. AV systems are implemented as integrated solutions, with system design, installation, and ongoing support playing an important role in ensuring performance and reliability.

About Online Instruments (India)

Online Instruments (India) provides audiovisual systems integration (“AVSI”) solutions (which they refer to as their “AVSI” business) and is a well-established player in the Indian audio-visual system integration solutions market (source: 1Lattice Report). Their AVSI capabilities extend across the full breadth of a client’s project, with experience across diverse use cases, including unified communications and collaboration (“UCC”) solutions, as well as AVSI deployments for smart conference rooms, large auditoriums, network operating command centres, and customer experience centres. Their AVSI solutions are offered under their “Online Instruments” and “Level 3 Audiovisual” brands. In addition, they manufacture interactive flat panel displays (“IFPDs”), provide light-emitting diode (“LED”) display products and offer audiovisual accessories under their “LOGIC” brand (which they collectively refer to as their “AV Products” business). They also manufacture white-labelled IFPDs for original equipment manufacturers (“OEMs”) (which they refer to as their “Electronics Manufacturing Services” business or “EMS” business. Further, they manufacture commercial lighting and architectural lighting products under their “Orange Plus” brand and for OEMs under their own brands (which we refer to as their “Commercial Lighting” business.

Strengths of Online Instruments (India)

• Over 20 years of experience in providing AVSI solutions.
• Technologically advanced manufacturing facility for IFPDs.
• Long standing relationships with a large pool of vendors supporting their AVSI business.
• Global scale of operations with solutions and products deployed in multiple countries outside India.
• Strong customer relationships leading to high repeat business in their AVSI business.
• Led by directors, key managerial personnel and senior management with significant industry experience.
• Strong financial performance.

Risks of Online Instruments (India)

• They derive a substantial portion of their revenue from their audio-visual system integration (“AVSI”) solutions business.
• They do not have long-term sales agreements with their customers that contain minimum purchase obligations.
• Delays in the execution of their AVSI projects could result in liquidated damages, cost overruns, project cancellations and reputational harm.
• Their “LOGIC” branded products are sold through distributors on a non-exclusive basis and if they choose to promote their competitors’ products over their products or cease to distribute their products, it could adversely affect their business.
• They are highly dependent on their suppliers.
• Their reliance on imports exposes them to numerous risks, including foreign currency fluctuations, delays in shipping, increases in shipping costs, increases in tariffs on imported goods, the banning or restriction of exports of products to India and the banning or restriction of imports of goods into India and/or the United States.
• They have a limited operating history in manufacturing IFPDs.
• Any breakdown of the equipment required to operate their manufacturing facilities or the shutdown of their manufacturing facilities could have an adverse effect on their business.

The financial information for listed industry peers mentioned above is on a consolidated basis, if applicable and is sourced from the Annual Reports of the respective companies for the financial year ended March 31, 2025 submitted to the Stock Exchanges.

Notes:

1. Diluted EPS refers to the Diluted EPS sourced from the Annual Reports of the respective companies.

2. P/E Ratio has been computed based on the closing market price of equity shares on April 30, 2026 on BSE, divided by the Diluted EPS (on consolidated basis).

3. Return on Net Worth is calculated as Profit/(Loss) for the year from continuing and discontinued operations (excluding share of non-controlling interest in profits) divided by Total Equity (excluding non-controlling interest).

4. Return on Net Worth for the Company is calculated as Restated / Proforma profit for the year attributable to owners of the Company divided by Net Worth. Net Worth is equivalent to Restated / Proforma Total Equity.

5. NAV per equity share has been computed as Total Equity divided by the total number of shares outstanding, as at March 31, 2025.

6. NAV per equity share for the Company is calculated as Net Worth divided by number of equity shares outstanding at the end of the year. Net Worth is equivalent to Restated/ Proforma Total Equity.

Anchor Investor Bidding Date: TBA

Registrar: MUFG Intime India Private Limited (Formerly Link Intime India Private Limited)

Book Running Lead Manager:

• Equirus Capital Limited (Formerly Equirus Capital Private Limited)
  
• Motilal Oswal Investment Advisors Limited
  

Online Instruments (India) Business Model

The company earns its revenue through providing audiovisual systems integration (“AVSI”) solutions and is a well-established player in the Indian audio-visual system integration solutions market.

Online Instruments (India) Growth Trajectory

Online Instruments (India)’s Total Income for FY25 was ₹550.035 crores, whereas in FY24 and FY23 it was ₹380.300 crores and ₹337.965 crores, respectively.

The Profit After Tax for FY25 was ₹35.327 crores, whereas in FY24 and FY23 it was ₹23.064 crores and ₹15.518 crores, respectively.

Their EBITDA for FY25 was ₹55.315 crores, whereas in FY24 and FY23 it was ₹33.421 crores and ₹22.602 crores, respectively.

Online Instruments (India) Market Position

Online Instruments (India) has deployed AVSI solutions across multiple countries, including India, Singapore, Malaysia, Taiwan, the Philippines and the United Arab Emirates (the “UAE”), with the acquisition of Level 3 Audio Visual, LLC, expanding their operations to additional countries including the United States, Mexico and France.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹550.035 crores, ₹35.327 crores, and ₹55.315 crores, respectively.

How to apply for Online Instruments (India) IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.