By ipomarket.in Editorial Team · Last reviewed: 2026-08-22
Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the offer document carefully and consult a SEBI-registered investment advisor before investing.
Online Instruments (India) Ltd, a Bengaluru-based audiovisual systems integration company, has cleared a key regulatory step for its stock market debut. According to reports, the company received SEBI's observation letter on 18 August 2026, which in market parlance means it now has the go-ahead to launch its initial public offering (IPO). Below is a plain look at what has been confirmed so far and, just as important, what has not.
Where the IPO stands today
As of 22 August 2026, this is a pre-IPO stage offering. The company has secured SEBI's approval, but several of the details retail investors care about most, including the IPO dates, price band and lot size, are still not disclosed. Those are typically announced closer to the launch, often within days or weeks of receiving the observation letter.
If you are tracking early-stage IPOs like this one, our list of upcoming IPOs in 2026 and the live /ipo/upcoming page are useful reference points as the calendar firms up.
Issue structure: what is confirmed
Based on filings reported in the press, the IPO combines two components:
- Fresh issue of equity shares worth ₹750 crore
- Offer for sale (OFS) of up to 57.10 lakh equity shares by promoters Anita Mahesh Bellad and Rajeshwari Shivanand Mahashetti
In a fresh issue, the money raised goes to the company itself. In an OFS, existing shareholders sell part of their holdings and the proceeds go to them, not the company. If you want the difference explained in more detail, see our note on types of IPOs in India.
The company may also undertake a pre-IPO placement of up to ₹150 crore. If that placement goes through, the size of the fresh issue would be reduced by the same amount. This is a fairly common mechanism, so the final fresh-issue figure could end up lower than ₹750 crore.
How the offer is split across investors
The reported allocation is:
| Category | Share of net offer |
|---|---|
| Qualified Institutional Buyers (QIBs) | 50% |
| Non-Institutional Investors (NIIs) | 15% |
| Retail Individual Investors (RIIs) | 35% |
If these category terms are unfamiliar, our explainer on QIB, NII and retail investor categories covers how each bucket works and how allotment differs between them.
Use of proceeds
Of the fresh-issue money, the reported allocations are:
- ₹330 crore towards working capital needs
- ₹160 crore towards repayment or prepayment of debt
The remainder is expected to go towards general corporate purposes, though the exact split for that portion was not detailed in the material we reviewed. The final utilisation table will be spelled out in the red herring prospectus once it is filed.
Lead managers, registrar and listing
- Book-running lead managers: Motilal Oswal Investment Advisors Ltd and Equirus Capital Ltd
- Registrar: MUFG Intime India Pvt Ltd
- Listing: NSE and BSE
The registrar is the entity you will deal with when checking allotment status after the issue closes.
About the company
Incorporated in 2006, Online Instruments provides audiovisual systems integration (AVSI) solutions. In simple terms, it designs and installs the audio, video and communication setups used in corporate and institutional spaces. Its use cases include:
- Unified communications and collaboration (UCC)
- Smart conference rooms
- Auditoriums
- Network operating command centres
- Customer experience centres
Beyond integration services, the company manufactures Interactive Flat Panel Displays (IFPDs), LED display products and audiovisual accessories under the LOGIC brand. It also makes white-labelled IFPDs for original equipment manufacturers (OEMs), and produces commercial and architectural lighting products under the Orange Plus brand. It operates three manufacturing facilities in Bengaluru.
The company has executed projects in India and abroad, including in Singapore, Malaysia, Taiwan, the Philippines, the United Arab Emirates, the United States, Mexico and France.
Financial snapshot (FY2025)
For the year ended 31 March 2025, the reported figures were:
| Metric | FY2025 |
|---|---|
| Total Income | ₹550.04 crore |
| EBITDA | ₹55.32 crore |
| Profit After Tax (PAT) | ₹35.33 crore |
These are single-year figures. To judge whether the business is growing, stable or lumpy, investors will want the multi-year trend from the prospectus, along with margins, debt levels and cash flows. Our guide on how to analyse IPO financials from the RHP walks through what to look at.
Points to keep in mind
A few things worth weighing as more information emerges:
- Valuation is unknown. Without a price band, it is not possible to work out the price-to-earnings multiple or how the issue is valued against peers. Valuation is central to any assessment, so this is a genuine gap rather than a detail.
- Working capital-heavy business. A large chunk of proceeds is earmarked for working capital, which is common in project-driven integration businesses. The prospectus should clarify the working-capital cycle and receivables position.
- OFS component. Part of the offer is promoters selling shares. The size and rationale of an OFS is something investors typically read alongside promoter shareholding post-issue.
- Pre-IPO placement. If the ₹150 crore placement happens, both the fresh-issue size and the final capital structure could shift.
None of this is a verdict on the offer. It is simply the checklist of items that only become answerable once the price band and RHP are out.
FAQ
When is the Online Instruments India IPO date?
The opening and closing dates are not yet announced. As of 22 August 2026, the company has only received SEBI's observation letter. Dates are usually confirmed nearer to launch. Keep an eye on the /ipo/upcoming page for updates.
What is the price band and lot size?
Neither has been disclosed. The price band and lot size are typically revealed a few days before the issue opens, in the red herring prospectus and exchange notices.
How big is the IPO?
The confirmed structure is a fresh issue of ₹750 crore plus an offer for sale of up to 57.10 lakh equity shares by two promoters. A pre-IPO placement of up to ₹150 crore may reduce the fresh-issue portion if completed.
What does the company do?
Online Instruments provides audiovisual systems integration solutions and manufactures interactive flat panel displays, LED products, audiovisual accessories and lighting products under the LOGIC and Orange Plus brands. It runs three manufacturing units in Bengaluru.
Is there a GMP for this IPO?
No grey market premium is available because the IPO has not opened and no price band exists yet. For how GMP works and its limitations, see our GMP explainer.
Last reviewed: 2026-08-22. Figures and dates are subject to change; verify against the RHP and official exchange notices before making any decision.