Mr. Gaurav Kejriwal, Managing Director
Mumbai (Maharashtra) [India], March 24: As Highness Microelectronics Limited opens its ₹21.67-crore Initial Public Offering (IPO), the company is positioning itself for the next phase of growth through backward integration, enhanced manufacturing capabilities, and deeper penetration into high-entry-barrier sectors such as defence, railways, aerospace, and healthcare.
Gaurav Manjul Kejriwal, Managing Director of Highness Microelectronics Limited, shares his insights on the IPO objectives, expansion plans, competitive positioning, and long-term vision.
Q1. Highness Microelectronics has built strong capabilities in digital imaging solutions over the past two decades. What motivated the company to go public at this stage?
The IPO marks an important milestone in our growth journey. India is emerging as a global electronics manufacturing hub, and we operate in a specialized, high-entry-barrier segment. With strong sectoral tailwinds in defence, healthcare, and railways, this was the right time to raise capital to scale operations. The proceeds will help us strengthen manufacturing capabilities, undertake backward integration, and position ourselves for the next phase of growth.
Q2. A significant portion of the IPO proceeds will be used for setting up an assembly line and strengthening working capital. How will this enhance capacity and revenue visibility over the next 2–3 years?
Currently, some raw materials are imported in semi-finished form. Through backward integration, we plan to manufacture open-cell glasses in-house by onboarding chip-on-glass (COG) and film-on-glass (FOG) processes. This will reduce import dependence, improve quality control, enable faster customization, and enhance margins. We will also cut glass panels in-house for stretch bar displays used in railways and metros. These steps will strengthen production capacity and improve revenue visibility over the medium term.
Q3. The company serves niche sectors like defence, aerospace, railways, and healthcare. How do you plan to deepen your presence in these industries post listing?
Government initiatives promoting localization and indigenization are creating strong opportunities. We are well positioned to benefit from the ‘Make in India' push. With our expanded facility, we aim to cater not only to domestic demand but also to export markets. We have already secured export design wins in Australia and are witnessing interest from European customers looking to diversify supply chains beyond China.
Q4. Given competition from global players, what differentiates Highness Microelectronics?
We have been operating in India for over 19 years and understand local requirements deeply. Our integrated model — from design to manufacturing — allows us to tailor-make solutions while maintaining quality and cost efficiency. We compete with global players in select segments, and our strength lies in customization, reliability, and execution capability.
Q5. With an issue size of ₹21.67 crore and a post-issue market cap of nearly ₹62 crore, how do you see your valuation positioning?
We are confident about our positioning given our healthy order book and demand pipeline. Defence, aerospace, railways, and healthcare are witnessing sustained investments. Our products are already standardized and qualified for several railway and mission-critical projects. With expansion plans in place, we see strong growth potential.
Q6. How resilient is your order book against economic slowdowns or regulatory changes?
We cater largely to government-linked and institutional sectors, where demand visibility tends to be stable. While geopolitical situations may create temporary uncertainties, we have long-term supply contracts with our Far East Asia partners. Additionally, India's strong domestic demand provides resilience to our business model.
Q7. What are your medium-term growth targets post-IPO, and how will listing on the BSE SME platform support these ambitions?
In the medium term, we are focused on increasing design wins, expanding exports, and investing in R&D and in-house testing facilities. Being listed on the BSE SME Platform will enhance transparency, credibility, and access to capital, supporting our long-term expansion strategy.
Q8. For investors looking at emerging SME opportunities, what makes Highness Microelectronics a compelling long-term bet?
We are a specialized digital imaging player aligned with India's electronics manufacturing growth story. Our products are designed, developed, and manufactured in India, and we are ready to serve global markets. With strong sectoral demand, operational integration, and a clear roadmap ahead, we believe we offer long-term value creation potential.
With a focused niche strategy, expanding manufacturing capabilities, and increasing export traction, Highness Microelectronics Limited is positioning itself as a specialized player in India's fast-evolving electronics ecosystem. As the IPO opens on the BSE SME Platform, the company is betting on localization, innovation, and sectoral growth to drive its next chapter of expansion.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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