Versuni India, the new face of Philips Domestic Appliances and a Hillhouse Capital backed company, has appointed Kotak Mahindra Capital and Citi as advisors for its highly anticipated IPO. Some industry reports suggest that the IPO size will be in the range of ~INR 2,500-2,900 crore), making it one of the most watched consumer appliance listing of the year.
A Legacy Recast: From Philips to Versuni
In 2021, Amsterdam based Royal Philips sold its domestic appliances business to Hillhouse Capital, a leading Asia focused private equity firm for USD 4.37 billion (~INR 37,374 crore). The business which was responsible for iconic consumer products in kitchen, home care and garment care was renamed Versuni in February 2023. Despite the rebranding Versuni continues to license and market products under globally trusted brands like Philips, Preethi, Gaggia, Saeco and Senseo.
With a legacy that combines global brand equity and Indian market familiarity, the company is now positioning itself as a homegrown powerhouse. The move towards an IPO reflects this transition – from a multinational outpost to a localization focused, R&D driven manufacturer.
Versuni India IPO
Versuni India IPO comes at a critical juncture for Versuni India as the company accelerates its shift towards local production and innovation. According to Gulbahar Taurani, Managing Director & CEO of Versuni India, the company plans to manufacture 90% of its product portfolio in India by 2026 from the current 70%. The effort spans conceptualization, R&D and full scale production – all in India. Taurani says the company will eventually target a 100% “Made in India” footprint.
To support this ambition are two manufacturing hubs in Chennai and Ahmedabad, the latter recently expanded into a high tech, eco friendly plant that can produce over 5,00,000 air fryers and 2,00,000 garment steamers annually. Versuni also has a robust R&D facility in Chennai to reinforce its “Designed in India” narrative.
Financials: FY24 Performance Shows Transition Costs
The FY24 financials are mixed. Revenues have dipped 2% to INR 1,745 crore from INR 1,781 crore in FY23 while gross margins have expanded by 300 bps. PAT (Profit After Tax) has dropped 17% year on year to INR 121 crore and EBITDA has fallen to INR 124 crore from INR 204 crore – likely due to transitional costs from new facilities and R&D investments.
Despite the margin pressure, Versuni India has a market cap of INR 3,767 crore. Unlisted shares of the Versuni India are trading in the INR 500-700 range.
Product Focus
Versuni’s product play is centered around high growth, premium home and kitchen appliances—especially air fryers, garment care steamers, coffee machines and smart security products. Taurani is betting big on juicers this summer, aligning with their seasonal and health focused brand.
Interestingly, India’s air fryer market is still in its infancy with less than 1% penetration and huge scope for growth in urban and semi-urban markets. “We want every Indian household to have an air fryer,” Taurani said recently—a big ambition that underlines their growth story.
Why It Matters
Philips Domestic Appliances IPO is part of a larger trend of MNCs tapping Indian capital markets with strong domestic liquidity and investor demand. Other notable deals include Hyundai Motor India’s INR 27,870 crore IPO and proposed listings by Orkla’s MTR & Eastern Condiments and Whirlpool’s India arm stake sale.
The broader trend also aligns with Goldman Sachs’ Kim-Thu Posnett’s view that global firms are choosing India as a listing venue, especially when their revenue and cost structure is heavily skewed towards India.
Final Words
Versuni India (Philips Domestic Appliances) IPO is not just a fund raise—it’s a brand reinvention. For Hillhouse Capital it’s a monetization opportunity. For Indian investors it’s a premium consumer play with global brand and local execution.
Only time will tell if Versuni can sustain margins, get growth back and scale household penetration. But one thing is for sure—this IPO will be interesting—not just a fund raise but a brand reinvention story.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.