elin electronics: Elin Electronics IPO to open on Dec 20; price band fixed at Rs 234-247 per share
Incorporated in 1969, Elin Electronics is a leading electronics manufacturing services provider. It manufactures and assembles a wide array of products and provides end-to-end product solutions.
The company aims to raise Rs 475 crore via initial stake sale, including a fresh issue of Rs 175 crore and an offer for sale of Rs 300 crore by its promoters and existing shareholders.
Promoters including Kamal Sethia, Suman Sethia, Kishore Sethia, Vasudha Sethia, Gaurav Sethia, Vinay Kumar Sethia and Sumit Sethia who will sell shares worth Rs 121.1 crore, whereas other shareholders will offload shares worth Rs 178.89 crore.
The issue will remain open for subscription till Thursday, December 22. Investors can make a bid for a minimum of 60 equity shares and then its multiples thereof. Anchor book will open on Monday, December 19.
The net proceeds from the issue worth Rs 88 crore will be used to repay debt while Rs 37.59 crore will be used for capital expenditure to upgrade and expand its existing facilities at Ghaziabad in Uttar Pradesh and Verna in Goa.
The company is a manufacturer of end-to-end product solutions for major brands of lighting, fans, and small/ kitchen appliances in India, and is one of the largest fractional horsepower motors manufacturers in India.
For the year ended March 31, 2022, the company reported a net profit of Rs 39.15 crore with its total revenue stood at Rs 1,094.67 crore. It reported a profit of Rs 20.67 crore with total revenue of Rs 604.74 crore till September 30, 2022.
50% of shares are reserved for qualified institutional buyers (QIBs), whereas 15% of shares are reserved for non-institutional investors (NIIs). The remaining 35% of shares will be allotted to retail investors.
and JM Financial Services are the book-running lead managers to the issue whereas KFin Technologies has been appointed as the registrar to the issue.
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