Highness Microelectronics ipo

This SME IPO opens at ₹120 with a ₹62 crore valuation. While the company designs LCD panels since 2007, major red flags exist. Promoters hold 65% post-IPO, and most funds go to them, not the business. Financials show rising debt and inventory piling up. Revenue growth seems artificial as sales are pushed on credit, creating bad debt risks. Stock levels are increasing rapidly without actual cash flow. Due to these manipulated numbers and high promoter stakes, this company is not investable for short or long terms.