The initial public offering (IPO) of Elin Electronics was subscribed 37 percent on December 20, the first day of bidding. The issue garnered bids for 52.35 lakh shares against 1.42 crore shares on the offer.
Retail investors bought 55 percent shares of the allotted quota, while high networth individuals (HNIs) bid for 43 percent shares of the portion set aside for them.
Qualified institutional buyers (QIBs) put in bids for 21,600 shares as against 40.59 lakh shares reserved for them.
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Half of the offer is reserved for QIB, 15 percent for HNIs and the remaining 35 percent for retail investors.
The offer size has been reduced to 1.42 crore shares from 1.92 crore shares after the company mobilised Rs 142 crore via anchor book on December 19 ahead of IPO opening. The anchor book is a part of QIB segment.
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Incorporated in 1969, Elin Electronics, one of India's leading electronics manufacturing services provider, aims to raise Rs 475 crore via maiden public issue. The IPO comprises a fresh issue of Rs 175 crore and an offer for sale of Rs 300 crore by promoters.
The price band of the issue was fixed at Rs 234–247 per share. The implied market capitalisation at the upper price band of the issue stands at Rs 1,226 crore.
Elin manufactures end-to-end product solutions for major brands of lighting, fans, and small kitchen appliances in India. Also, it is one of the largest fractional horsepower motors manufacturers in India.
The company is going to utilise fresh issue proceeds for debt repayment, and expansion of existing facilities at Ghaziabad (Uttar Pradesh) & Verna (Goa), besides general corporate purposes.
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