Tempsens Instruments (India) Limited Managing Director Vinay Rathi addresses a press conference at Lower Parel, in Mumbai on Monday
| Photo Credit:
Sandip Mahankal/ANI
The ₹650-crore Initial Public Offering Tempsens Instruments (India) opens today (August 20) at a price band of ₹285-300 and will conclude on Monday (August 24). Investors can bid for a minimum of 50 Equity Shares and in multiples of 50 Equity Shares thereafter. Up to 50% of the Net Offer is being reserved for qualified institutional buyers (QIBs), not less than 15% to non-institutional bidders (NIBs), and not less than 35% to retail individual bidders (RIBs).
The offer comprises a fresh issue aggregating up to ₹95 crore and an offer-for-sale of up to 1.85 crore shares by the Promoter Group Selling Shareholders, Amit Talesara, Puneet Talesara, Chandra Prakash Talesara and the Other Selling Shareholders, Ankit Talesara, and Nirmal Kumar Pande.
The Net Proceeds worth Rs 18.134 crore will be utiliz=sed for funding certain capital expenditure of the Company towards their electrical heating solutions, and specialised cable solutions, Rs 55 crore for pre-payment or scheduled re-payment, in full or in part, of certain outstanding borrowings availed by the Company, and general corporate purposes.
As part of IPO, the company on Wednesday garnered ₹194.54 crore from anchor investors by allocating 64,84,999 equity shares at ₹300 a share. Some of the marquee institutions that participated in the anchor include Aranda Investments Pte. Ltd., SBI Mutual Fund (Resurgent India Opportunities Scheme), HDFC Mutual Fund, Nippon Life India Trustee (Nippon India Small Cap Fund), Kotak Mahindra Trustee, Goldman Sachs Funds (India Equity Portfolio), Ashoka WhiteOak ICAV, Aditya Birla Sun Life Mutual Fund, Motilal Oswal, 360 ONE, ValueQuest India, Edelweiss, Axis Max Life Insurance, and Kotak Mahindra Life Insurance Company.
Amongst equity-oriented schemes, the company has allocated shares to SBI Resurgent India Opportunities Scheme, HDFC Business Cycle Fund, HDFC Manufacturing Fund, HDFC Innovation Fund, Nippon India Small Cap Fund, Kotak Energy Opportunities Fund, Kotak Infrastructure & Economic Reform Fund, Aditya Birla Sun Life Small Cap Fund, Motilal Oswal Contra Fund, 360 ONE Equity Opportunity Fund – Series 4, ValueQuest India G.I.F.T Fund, and Edelweiss Business Cycle Fund.
The company is a thermal engineering and specialized cable manufacturer, engaged in the design and manufacture of customized temperature sensing solutions, electrical heating solutions and specialized cables. The company’s offerings are tailored to address each customer’s technical requirements. By combining the company’s technical expertise with a collaborative approach to customer relationships, it delivers solutions that address complex thermal management and cable challenges across diverse industries. With the company’s strong sales and operations teams, it is able to respond quickly to client needs, ensuring timely and effective delivery of their customized solutions.
According to the F&S Report, the company is the largest manufacturer of contact and non-contact temperature sensors in India in terms of revenue as of March 31, 2026, with a market share of approximately 10.5% in the temperature sensor segment in Fiscal 2026. The company is also the only Indian manufacturer of non-contact temperature sensors as of March 31, 2026, and held approximately 21.3% of the non-contact temperature sensor market share in Fiscal 2026 (Source: F&S Report).
ICICI Securities Limited, and JM Financial Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the offer.
The equity shares are proposed to be listed on BSE and NSE.
Brokers’ views
Anand Rathi: Tempsens Instruments Limited, at an implied P/E of 35.4x and EV/EBITDA of 25.64x on FY26 earnings at the upper price band. Given its strong revenue growth, diversified product portfolio and expanding international presence, the company may command a valuation premium. The IPO valuation appears fully priced at the upper band and we initiate a “Subscribe: Long Term” on the IPO.
SBI Securities: Tempsens Instruments (India) Ltd. is a leading thermal engineering and cable manufacturing company with strong positions in Temperature Sensing Solutions, Electrical Heating Solutions, and Specialized Cables. The company benefits from high entry barriers driven by certifications, stringent customer qualification processes, engineering expertise, and long-standing relationships across mission-critical industries. Over FY24-FY26 period, it delivered a strong Revenue/EBITDA/PAT (post-minority interest) CAGR of 27.2%/35.2%/28.2% respectively, while maintaining a healthy balance sheet with a Debt/Equity ratio of 0.2x. At the upper price band of Rs 300, the issue is valued at a FY26 P/E of 37.3x on a post-issue basis. While the business is working-capital intensive, with inventory days increasing from 76 in FY24 to 92 in FY26 and receivable days rising from 61 to 70, we believe the company’s market leadership, diversified business model, export growth, and strong financial profile provide a favorable risk-reward proposition. We therefore recommend investors to SUBSCRIBE to the issue at the cut-off price.
Published on August 20, 2026
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