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Yash Optics & Lens LTD IPO: Review, Valuation, Date & GMP

  


Yash Optics & Lens Limited IPO  - Complete Overview

Established in the year 2010, Yash Optics & Lens Limited is involved in the manufacturing, trading, distribution, and supply of a comprehensive range of spectacle/optical lenses. 

The company offers a variety of lenses, ranging from single vision to advanced progressive lenses, customized progressive lenses, and personalized progressives for professionals, along with a wide range of coatings.

Yash Optics & Lens has been appointed by HOYA Lens India Private Limited as the exclusive distributor for selling, marketing, and distributing the "Pentax" brand of Ophthalmic lenses in India. 

The company's manufacturing facility is located at Kandivali (West), Mumbai, India.

With a presence across India, as of September 30, 2023, the company has generated revenue of 1,869.16 lakhs.

 

Yash Optics & Lens Limited IPO Overview

Yash Optics & Lens Limited IPO date is slated to be open for subscription from March 27, 2024, to April 3, 2024. This NSE SME IPO follows a Book Built Issue IPO.

Yash Optics & Lens Limited IPO price is fixed in the range of Rs.75 to Rs.81 per share. 

The total issue size of this IPO amounts to Rs.53.15 Cr. The company has allocated shares 35% to retail investors, 50% to institutional and 15% to non-instituional investors.

 

Company Financial

Compared to the financial year ending March 31, 2023, and March 31, 2022, Yash Optics & Lens Limited has seen growth in total assets, net worth, and total revenue. The profit after tax and total borrowings have also increased.

(Amount in Lakhs)

Period

30 Sep 2023

31 Mar 2023

31 Mar 2022

Total Assets 

5,412.63

3,414.26

2,444.86

Total Revenue

1,869.16

3,980.39

2,986.04

PAT

422.52

806.58

681.67

Net worth

2,334.01

1,911.50

1,104.92

Reserve & Surplus 

2,333.01

1,910.50

1,103.92

Total Borrowings

2,452.69

1,085.63

402.36


Revenue bifurcations of the company from manufacturing and trading activities

(Amount in Lakhs)

Particulars

30 Sep 2023

31 Mar 2023

31 Mar 2022

Manufacturing 

1330.67 

2919.96

2068.58

Trading 

535.63 

1048.85

906.45

Total 

1,866.30 

3,968.81 

2975.03


Product-wise revenue breakup

(Amount in Lakhs)

Products

30 Sep 2023

31 Mar 2023

31 Mar 2022

Single Vision Lenses

450.19 

826.39 

710.73

Bifocal Lenses

205.65 

462.26 

357.31

Progressive Lenses 

1,170.78 

2,599.78 

1,857.40

Special Category

39.67 

80.38 

49.59

Total

1,866.30 

3,968.81 

2975.03


Breakup of the company Revenue based on B2B and B2C channel

(Amount in lakhs)

Particulars

30 Sep 2023

31 Mar 2023

31 Mar 2022

Through Distributors

1,170.59 

2,601.89 

2,028.21

Direct Sale through the retail chain (branch and sale depot)

678.17 

1,363.91 

946.82

As distributors (on behalf of HOYA)

17.54 

3.02 

Nil

Total 

1,866.30 

3,968.81 

2975.03

 

The Objective of the Issue

The company intends to utilize the proceeds of the Issue to achieve the following objectives:

1. Fund capital expenditure for establishing a manufacturing unit for backward integration.

2. Purchase of Plant and Machinery at existing manufacturing unit.

3. Repayment/ prepayment of certain borrowings availed by the Company.

4. Funding Working Capital Requirements of the Company.

5. General corporate purposes.

Peers of Yash Optics & Lens Limited IPO

Name of the Company

Face value (Rs)

EPS (Rs)

P/E Ratio

Yash Optics & Lens Limited

10.00

4.55

-

GKB Ophthalmics Ltd

10.00

(5.72)

(16.58)

 

Evaluation

The IPO is priced within the range of Rs.75 to Rs.81 per share.

Evaluation of P/E Ratio

  • Considering the FY23 EPS of Rs 4.55 from the last year, the resulting P/E ratio is 17.08x.

  • Taking into account the weighted EPS of Rs 3.66 for the last three years, the P/E ratio amounts to 22.13x.

Comparative Analysis with Listed Peers

  • The industry's average P/E is (16.58)x.

As a result, the IPO price range, with a P/E ratio ranging from 17.08x to 22.13x, seems exorbitantly priced to the industry average of (16.58)x.

 

IPO's Strengths 

  • Offers a diverse selection of products that can be customized.

  • Operates an in-house manufacturing facility with advanced machinery and processes.

  • Boasts a product brand portfolio featuring around 37 brands, including "Pentax."

  • Adopts a customer-centric business model.

  • Ensures quality assurance.

  • Led by experienced promoters and management team.

  • Maintains a nationwide presence with customers across various regions.

  • Avoids reliance on a single or a few customers.

IPO weaknesses 

  • The company faces outstanding litigation.

  • Lack of long-term agreements with suppliers for raw materials exposes it to risks of cost increases, shortages, or quality issues, impacting its business adversely.

  • Negative cash flows have been experienced in previous years.

  • Competes with alternative technologies and treatments that act as substitutes for optical/spectacle lenses.

  • The company is exposed to foreign exchange control regulations, which could present risks associated with currency fluctuations.

IPO GMP Today 

The latest GMP of Yash Optics & Lens Limited is Rs.14.

Yash Optics & Lens Limited IPO timetable (Tentative)

Yash Optics & Lens Limited IPO is scheduled from March 27 to April 3, 2024, with allotment on April 4, refund initiation on April 5, and listing on April 8, 2024.

Events 

Date

IPO Opening Date

March 27, 2024

IPO Closing Date

April 3, 2024

IPO Allotment Date 

April 4, 2024

Refund initiation 

April 5, 2024

IPO Listing Date

April 8, 2024

 

Yash Optics & Lens Limited IPO Details 

Yash Optics & Lens Limited IPO, with a face value of Rs.10 per share, opens on March 27 and closes on April 3, 2024, offering 6,561,600 shares at Rs.75 to Rs. 81 per share, with a lot size of 1600 shares, aiming to raise Rs.53.15 Cr, and will be listed on NSE SME.

IPO opening & closing date 

March 27, 2024 to April 3, 2024

Face value 

₹10 per share

Issue Price

₹75 to ₹81 per share

Lot Size

1600 Shares

Price of 1 lot

₹129,600

Issue Size

6,561,600 shares (aggregating up to ₹53.15 Cr)

Fresh issue 

6,561,600 shares (aggregating up to ₹53.15 Cr)

Listing at

NSE SME

Issue Type 

Book Built Issue IPO

Registrar 

Bigshare Services Pvt Ltd  

 

Yash Optics & Lens Limited IPO Lot Details 

For Yash Optics & Lens Limited IPO, the retail investor minimum and maximum lot investments are both 1 lot (1600 shares) at Rs.129,600 while for HNI investors, the minimum investment is 2 lots (3200 shares) at Rs.259,200.

Minimum Lot Investment (Retail) 

1 lot

Maximum Lot Investment (Retail) 

1 lot

Minimum Lot Investment (HNI) 

2 lot


Yash Optics & Lens Limited IPO Reservation

Institutional share Portion

50%

Non-institutional share Portion

15%

Retail share Portion

35%

 

Promoters and Management of Yash Optics & Lens Limited

  • Mr. Tarun Manharlal Doshi

  • Mr. Dharmendra M Doshi

  • Mr. Chirag Manharlal Doshi

Pre-issue Promoter shareholding

97.45%

Post-issue Promoter shareholding

71.63%

 

Yash Optics & Lens Limited IPO Lead Managers

  • Shreni Shares Limited 

Dividend Policy

The company hasn't distributed any dividends over the past three years, and whether it will pay dividends in the future hinges on its financial performance.

 

 

Conclusion

Yash Optics & Lens Limited operates within a competitive and fragmented sector. Additionally, the company's valuation is relatively high. Investors are advised to perform a thorough analysis before considering investing their funds in this upcoming IPO to ensure favourable outcomes.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

 

To Read the Prospectus of the Company Click Here to Download the DRHP.

 

 

 

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