Elin Electronics IPO Subscribed 37% On First Day Of Offer

The initial share-sale of electronics manufacturing services company Elin Electronics received 37 per cent subscription on the first day of offer on Tuesday.
     
The Initial Public Offer (IPO) got bids for 52,35,360 shares against 1,42,09,386 shares on offer, as per NSE data.
     
The category for Retail Individual Investors (RIIs) was subscribed 55 per cent, non-institutional investors portion received 43 per cent subscription and Qualified Institutional Buyers (QIBs) 1 per cent.
     
The IPO has a fresh issue of up to Rs 175 crore and an offer for sale of up to Rs 300 crore aggregating up to Rs 475 crore.
     
Price range for the IPO is at Rs 234-247 a share.
     
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.
     
Axis Capital and JM Financial are the managers to the offer.