Elin Electronics IPO subscribed 3x. Check GMP, share allotment, listing date

Elin Electronics IPO subscribed 3x. Check GMP, share allotment, listing date


The Initial Public Offer (IPO) of electronics manufacturing services company Elin Electronics was subscribed 3.09 times on the last day of subscription that was open from Tuesday, December 20 till Thursday, December 22, 2022. The public issue received bids for 4,39,67,400 shares against 1,42,09,386 shares on offer.

The category meant for Qualified Institutional Buyers (QIBs) was subscribed 4.51 times, non-institutional investors received 3.29 times subscription and Retail Individual Investors (RIIs) 2.20 times.

As per market observers, Elin Electronics shares are commanding a premium (GMP) of 2 in the grey market today. The shares of the company are expected to make its market debut on stock exchanges next week on Friday, December 30, 2022.

The finalization of basis of share allotment of Elin Electronics IPO is expected to take place next week on Tuesday, December 27, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on Thursday, December 29, 2022. The registrar for this IPO is KFin Technologies Limited, therefore the allotment application can be checked on the registrar’s website here or on the BSE website here.

Elin Electronics IPO consisted of a fresh issue of up to 175 crore and an offer for sale (OFS) of up to 300 crore, aggregating up to 475 crore.

The anchor investors in Elin Electronics were allocated 57.69 lakh equity shares in aggregate at 247 per share, at upper end of the price band in consultation with book running managers – Axis Capital and JM Financial. It mobilised a total of 142.5 crore through anchor investors.

15 investors that invested in the issue via anchor book include Aditya Birla Sun Life Trustee, Kotak Mahindra Trustee, SBI Life Insurance, SBI Mutual Fund, PGIM India, Kotak Funds – India Midcap fund and Pinebridge Global Funds. Out of the total allocation, 40.48 lakh shares (i.e. 70.18% of the total allocation to anchor investors) were allocated to 4 domestic mutual funds through a total of 11 schemes.

Elin Electronics, a flagship company of Elin Group, was established in 1969. Delhi-based Elin is a manufacturer of end-to-end product solutions for major brands of lighting, fans, and small kitchen appliances, and a leading fractional horsepower motors manufacturer in the country.

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