Elin Electronics Limited IPO is set to open for public subscription on 20 December, and will close on 22 December. The company has fixed the price band at Rs 234 – 247 per share for its maiden public offer. The public issue with a face value of Rs 5 per share comprises a fresh issue aggregating up to Rs 175 crore, and an offer for sale (OFS) of up to Rs 300 crore by existing shareholders. Investors can bid for a minimum of 60 shares and in multiples of 60 shares thereafter. Axis Capital, and JM Financial are the book-running lead managers to the issue and KFin Technologies is the registrar to the offer. The equity shares are proposed to be listed on the Main Board of BSE and NSE.
Elin Electronics shares were commanding a grey market premium (GMP) of Rs 25-30 today. The OFS comprises up to Rs 17.18 crore by Kamal Sethia, up to Rs 28.09 crore by Kishore Sethia, up to Rs 25.37 crore by Gaurav Sethia, up to Rs 6.66 crore by Sumit Sethia, up to Rs 30.52 crore by Suman Sethia, up to Rs 8.33 crore by Vasudha Sethia, up to Rs 4.96 crore by Vinay Kumar Sethia, and up to Rs 178.88 crore by other selling shareholders. The electronics manufacturing services company is expected to finalise share allotment on 27 December, and the allotted shares are expected to be credited to investors’ demat accounts by 29 December. The tentative date of Elin Electronics IPO listing is 30 December 2022.
Elin Electronics IPO Details
– Issue Size: Rs 475 crore
– Reservation: QIB 50%, Retail 35%, NII 15%
– Minimum Investment: Rs 14,820
– Post Issue Implied Market Cap: Rs 1,171 crore – Rs 1,227 crore
– Bid lot: 60 shares, and in multiples of 60 shares
The company has proposed to utilise the net proceeds of the fresh issue towards repayment/prepayment, in full or part, of certain borrowings availed by the company. Additionally, the money raised will also be used for funding capital expenditure towards upgrading and expanding existing facilities at Ghaziabad, Uttar Pradesh, Verna, Goa, and for general corporate purposes.
Elin Electronics Financials
The company’s revenues from operations increased by 26.83% from Rs 862.38 crore in FY21 to Rs 1,093.75 crore in FY22, primarily due to an increase in consumer purchase of home and personal appliances, whereas profit after tax (PAT) grew 12.31% from Rs 34.86 crore in FY21 to Rs 39.15 crore in FY22. Revenues from operations stood at Rs 604.46 crore for the six months ended 30 September 2022 and PAT at Rs 20.67 crore.