Elin Electronics IPO to open on 20 Dec, aims to raise  ₹475 cr

Elin Electronics IPO to open on 20 Dec, aims to raise ₹475 cr


Electronics manufacturing services company Elin Electronics is all set to open its initial public offering (IPO) on December 20. The offer will conclude on December 22. The anchor investors will bid only on December 19.

The company aims to raise 475 crore from its public issue which comprises of fresh issue of shares aggregating up to 175 crore and an offer-for-sale of up to 300 crore by promoters and other selling shareholders.

Promoters Vasudha Sethia, Kamal Sethia, Suman Sethia, Vijay Singh Sethia, Kamal Sethia & Sons HUF and others are selling their stake.

The proceeds from the fresh issue will be used to repay debt, fund capital expenditure for upgradation and expansion of existing plants.

Elin Electronics has reserved 50 per cent of the offer portion for qualified institutional buyers, 15 percent has been reserved for non-institutional investors (NIIs) and 35 percent for retail investors.

The company reported revenue of 1093.75 crore for FY 2022 against 862.38 crore a year ago. Net profit for the year stood at 39.15 crore versus 34.86 crore last year.

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.

Its product portfolio includes LED lighting, fans and switches, small appliances, fractional horsepower motors, medical diagnostic cartridges, plastic moulded and sheet metal parts and components, among others.

Axis Capital and JM Financial are the book running lead managers to the issue.

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