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Elin Electronics Limited IPO Detail

Elin Electronics Limited IPO Detail

Incorporated in 1969, Elin Electronics Limited is a leading electronics manufacturing services ("EMS") provider. 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.

Elin Electronics Limited manufactures and assembles a wide array of products and provides end-to-end product solutions. The company serve under both original equipment manufacturer ("OEM") and original design manufacturer ("ODM") business models.

The company's diversified product portfolio in EMS includes (i) LED lighting, fans and switches including lighting products, ceiling, fresh air and TPW fans, and modular switches and sockets, (ii) small appliances such as dry and steam irons, toasters, hand blenders, mixer grinders, hair dryer and hair straightener; (iii) fractional horsepower motors, which is used in mixer grinder, hand blender, wet grinder, chimney, air conditioner, heat convector, TPW fans etc.; and (iv) other miscellaneous products.

The company has three manufacturing facilities which are strategically located in Ghaziabad (Uttar Pradesh), Baddi (Himachal Pradesh) and Verna (Goa).

The company also has a centralized R&D centre in Ghaziabad (Uttar Pradesh), focusing on the research and development of all aspects of OEM and ODM models including concept sketching, design refinement, generating optional features and testing.

In Fiscals 2020, 2021 and 2022 and the seven-month period ended October 31, 2022, the company catered to 327, 387, 342 and 297 customers, respectively.

The company's revenue from operations in Fiscals 2020, 2021 and 2022 and the six-month period ended September 30, 2022, was Rs 7,855.84 million, Rs 8,623.78 million, Rs 10,937.54 million and Rs 6,044.57 million.

Company Promoters

Mangi Lall Sethia, Kamal Sethia, Kishore Sethia, Gaurav Sethia, Sanjeev Sethia, Sumit Sethia, Suman Sethia, Vasudha Sethia and Vinay Kumar Sethia are the company promoters.

IPO Details

IPO Opening DateDec 20, 2022
IPO Closing DateDec 22, 2022
Issue TypeBook Built Issue IPO
Face Value₹5 per equity share
IPO Price ₹234 - 247 per equity share
Market Lot60 Shares
Min Order Quantity60 Shares
Listing AtBSE, NSE
Issue Size₹475.00 Cr
Fresh Issue₹175.00 Cr
Offer for Sale₹300.00 Cr
Retail Portion 35%

IPO Subscription (Bidding Detail)

Day 1 0.01x 0.43x 0.55x 0x - 0.37x
Day 2 0.02x 1.3x 1.34x 0x - 0.95x
Day 3 4.51x 3.27x 2.13x 0x - 3.06x

IPO Tentative Timetable

The Elin Electronics Limited IPO open date is Dec 20, 2022, and the close date is Dec 22, 2022. The issue may list on Dec 30, 2022.

IPO Open DateDec 20, 2022
IPO Close DateDec 22, 2022
Basis of Allotment DateDec 27, 2022
Initiation of RefundsDec 28, 2022
Credit of Shares to Demat AccountDec 29, 2022
IPO Listing DateDec 30, 2022

IPO Lot Size

The Elin Electronics Limited IPO market lot size is 60 shares. A retail-individual investor can apply for up to 13 lots (780 shares or ₹192660).

ApplicationLotsSharesAmount (Cut-off)

IPO Promoter Holding

Pre Issue Share Holding53.98%
Post Issue Share Holding32.93%

Company Financials:

For the year/period ended (₹ in Crore)

Financial Year Total Assets Total Revenue Profit After Tax
31-Mar-21 508.31 864.9 34.86
31-Mar-22 532.61 1094.67 39.15
30-Sep-22 589.24 604.74 20.67

Objects of the Issue:

The company proposes to utilise the Net Proceeds of the Fresh Issue towards funding the following objects:

1. Repayment/ prepayment, in full or part, of certain borrowings availed by the Company.

2. Funding capital expenditure towards upgrading and expanding our existing facilities at (i) Ghaziabad, Uttar Pradesh, and (ii) Verna, Goa.

3. General corporate purposes

Elin Electronics Limited IPO Registrar:

KFin Technologies Limited

Elin Electronics Limited IPO Lead Manager(s):

Axis Capital Limited JM Financial Limited

Company Contact Information:

Elin Electronics Limited

143, Cotton Street, Kolkata

West Bengal