Elin Electronics Sets IPO Price Band At Rs 234-247 Per Share

Electronics manufacturing services company Elin Electronics on Thursday fixed a price band of Rs 234 to Rs 247 per share for its Rs 475 crore initial public offering (IPO).
     
The initial share sale will open for public subscription during December 20-22, the company said in a statement.
     
The company has cut the public issue size to Rs 475 crore from Rs 760 crore planned earlier. Now, the IPO comprises a fresh issue of shares aggregating up to Rs 175 crore and an offer for sale of up to Rs 300 crore by promoters and other selling shareholders.
     
Proceeds from the fresh issue will be used to repay debt, and fund capital expenditure for the upgradation and expansion of existing plants in Ghaziabad, Uttar Pradesh and Verna in Goa and for general corporate purposes.
     
Investors can bid for a minimum of 60 equity shares and in multiples of 60 equity shares thereafter.
     
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.
     
Its product portfolio includes LED lighting, fans and switches, small appliances, fractional horsepower motors, medical diagnostic cartridges, and plastic moulded and sheet metal parts and components, among others.
     
The company's revenue from operations increased by 26.83 per cent from Rs 862.38 crore in fiscal 2021 to Rs 1,093.75 crore in fiscal 2022, while profit after tax grew 12.31 per cent from Rs 34.86 crore in fiscal 2021 to Rs 39.15 crore in fiscal 2022.
     
Revenue from operations stood at Rs 604.46 crore for the six months ended September 30, 2022, and profit after tax at Rs 20.67 crore.
     
Axis Capital and JM Financial are the book-running lead managers for the issue.