Hyderabad-based electronics firm Apollo Micro Systems launches its IPO offer today, at a price band of Rs. 270-275. Apollo manufactures electronics for space equipment, as well as defence and home security. The company disclosed an order book of Rs 97.5 crore, as of end November 2017. 

The financials for the firm look strong at first glance, with its growth over five years (CAGR) 54% in revenues and 58% in net profits. Revenue and net profit for the half year ended September stood at Rs 109 crore and Rs 7 crore, respectively. ROCE for the company beats listed competitor Astra Microwave. However, debt is rising, and the company's current debt at Rs. 112 crore exceeds its half year revenue. It has also not provided dividends to investors in the past five years.