Elin Electronics shares fall on market debut

The Initial Public Offer (IPO) of electronics manufacturing services company Elin Electronics was subscribed 3.09 times on the last day of subscription that was open from Tuesday, December 20 till Thursday, December 22, 2022. The public issue received bids for 4,39,67,400 shares against 1,42,09,386 shares on offer.

The category meant for Qualified Institutional Buyers (QIBs) was subscribed 4.51 times, non-institutional investors received 3.29 times subscription and Retail Individual Investors (RIIs) 2.20 times.

Elin Electronics initial share sale consisted of a fresh issue of up to ₹175 crore and an offer for sale (OFS) of up to ₹300 crore, aggregating up to ₹475 crore. The price range for the offer was at ₹234-247 a share.

The anchor investors in Elin Electronics were allocated 57.69 lakh equity shares in aggregate at ₹247 per share, at upper end of the price band in consultation with book running managers – Axis Capital and JM Financial. It mobilised a total of ₹142.5 crore through anchor investors.

15 investors that invested in the issue via anchor book include Aditya Birla Sun Life Trustee, Kotak Mahindra Trustee, SBI Life Insurance, SBI Mutual Fund, PGIM India, Kotak Funds – India Midcap fund and Pinebridge Global Funds.

Elin Electronics, a flagship company of Elin Group, was established in 1969. 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.