Elin Electronics has fixed the price band for its initial public offering at Rs 234 to Rs 247 per equity share, which is set to open for subscription on Tuesday, December 20. The offer will close for subscription on Thursday, December 22, while bidding for anchor investors will commence on December 19.
Through the IPO, the electronics manufacturing services (EMS) company plans to raise Rs 475 crore, a revision from Rs 760 crore earlier. The public issue will comprise a fresh issue of Rs 175 crore as well as an offer for sale (OFS) of not more than Rs 300 crore.
The net proceeds of the issue worth Rs 88 crore shall be used by the company towards repayment of its debt, while Rs 37.59 crore will be used in capital expenditure for upgrading and expanding Elin Electronics’ existing facilities at Ghaziabad, Uttar Pradesh, and Verna, Goa.
The company had a net debt of Rs 102.40 crore as of September 2022.
Elin Electronics offers end-to-end product solutions to major lighting, fan, and kitchen appliance brands in India. The company is also among the largest fractional horsepower motors manufacturers in India.
In the financial year 2021-22, the company posted total revenue of Rs 1,093.75 crore, compared to Rs 862.38 crore in the previous year. Its net profit rose to Rs 39.15 crore against Rs 34.86 crore in the previous year.
