In 2026, there is a surge in specialised technology players’ IPO filings. In this context, Bengaluru-based audiovisual (AV) sector tech player, Online Instruments (India) has submitted its DRHP with the Securities and Exchange Board of India (SEBI).

Online Instruments IPO is a mix of the fresh issue of INR 750 crore and an Offer for Sale (OFS) of 57.1 lakh equity shares by the promoters. Equirus Capital and Motilal Oswal Investment Advisors are the book running lead managers, while MUFG Intime is the registrar of the issue.

Online Instruments IPO: Business Overview

Online Instruments is a veteran in the Audiovisual Systems Integration (AVSI) space with over 20 years of operational history. The company has evolved from a pure-play integrator into a diversified technology entity operating across four key verticals:

• AVSI (Audiovisual Systems Integration): Providing end-to-end solutions for smart conference rooms, auditoriums, and command centers under the “Online Instruments” and “Level 3 Audiovisual” brands.
• AV Products: Manufacturing and selling Interactive Flat Panel Displays (IFPDs) and LED video walls under the proprietary “LOGIC” brand.
• EMS (Electronics Manufacturing Services): Operating as a white-label manufacturer for global OEMs.
• Commercial Lighting: Architectural and office lighting solutions under the “Orange Plus” brand.

Following its December 2025 acquisition of the US-based Level 3 Audio Visual, LLC, OIIL now operates across the United States, Mexico, France, and the APAC region (Singapore, Malaysia, Taiwan). Its client roster is blue-chip, including Fortune Global 500 giants like Amazon.

At the heart of Online Instruments’ recent growth is its Completely Knocked Down (CKD) facility in Bengaluru—India’s first dedicated plant for Interactive Flat Panel Displays (IFPDs).

These high-tech, large-format touchscreen displays—essentially giant tablets—have become the cornerstone of modern smart classrooms and corporate boardrooms, replacing traditional projectors and whiteboards. By assembling these units locally from high-end components, the company gains a decisive “Make in India” edge in government tenders and significantly lowers its tax outgo by avoiding the higher customs duties typically levied on fully-built imported electronics.

Monetization & Engagement:

The company follows a project-centric B2B model. In the AVSI vertical, revenue is generated through a full project lifecycle: consulting, design, procurement, and commissioning. Post-installation, OIIL secures high-margin recurring revenue through Annual Maintenance Contracts (AMCs) and troubleshooting services. Notably, the company boasts an impressive 84.25% repeat customer rate in its AVSI business as of December 2025.

Online Instruments IPO: Proforma Financials

The company’s revenue saw a sharp 44.58% jump in FY25, while PAT grew at a CAGR of 53.47% between FY23 and FY25. This growth was largely driven by the scaling of the “LOGIC” brand and the integration of international operations.

Online Instruments Public Offer: Key Risks to Watch

• Working Capital Intensity: The business requires significant cash for inventory and long project cycles.
• Import Dependency: While assembly is local, key components for IFPDs and LED displays are still largely imported, making the company susceptible to supply chain disruptions in China and forex volatility.
• Segment Concentration: AVSI segment contributes over 80% of Proforma revenue, making the company dependent on corporate capex cycles.
• Acquisition Integration: Success depends on the seamless integration of Level 3 Audio Visual, LLC into the Indian parent’s operational framework.

Bottomline: Online Instruments IPO presents a rare opportunity for investors to tap into a story within the specialised AV-Tech domain. The company combines a legacy service business (AVSI) with a high-growth manufacturing play (IFPDs/EMS). While the margins have historically been lean, the recent shift toward in-house CKD manufacturing and entry into the high-ticket US market suggests a potential for margin expansion.

Rajat Bhati has a strong technical background and 5 years of experience in the stock market. He focuses on equity research, technical analysis, IPO valuations, and risk management, helping investors make clearer, data-backed decisions. Today, he works full-time to educate people about the opportunities in IPO market.