United Heat Transfer IPO

United Heat Transfers Private Limited was incorporated on January 27, 1995, and later renamed United Heat Transfer Limited after becoming a public company on February 27, 2024. The fresh certificate of incorporation was issued on June 12, 2024.

India’s nominal GDP for 2023-24 is estimated at ₹293.90 lakh crores (US$ 3.52 trillion), up from ₹269.50 lakh crores (US$ 3.23 trillion) in 2022-23. To achieve GDP growth of 8-8.5% by 2030, an annual employment growth rate of 1.5% is needed, along with the creation of 90 million non-farm jobs. While India’s current account deficit narrowed to 1.2% of GDP in Q3 FY24, future export contributions may decline due to economic slowdowns among trade partners. Indian exports are projected to reach US$ 1 trillion by 2030.

The company manufactures shell and tube heat exchangers, air-cooled heat exchangers, pressure vessels, and process flow skids, serving critical applications in various sectors including automotive, maritime, and heavy machinery since 1995.

United Heat Transfer IPO Strengths

• The company benefits from a well-experienced management team with extensive industry knowledge.
• Manufacturing operations are fully integrated, enhancing efficiency and quality across production processes.
• The company has established vendor registrations, facilitating smooth procurement and supply chain operations.
• Strong, long-term relationships with customers contribute to business stability and repeat orders.
• The manufacturing unit is strategically located, optimizing logistics and operational efficiency.

United Heat Transfer IPO Risks

• The company relies on a limited number of customers for sales, making revenue and profitability vulnerable to the loss of any major client.
• Operations are concentrated in a few states, so losing business in any of these regions could significantly impact overall performance.
• Two promoters and non-executive directors, Ms. Durva Yogesh Patil and Mr. Shatanik Vivek Patil, possess limited experience in the heat exchanger industry, which may affect strategic decision-making.