Elin Electronics' initial public offering will open for subscription on December 20 and close on December 22. The firm will open its anchor bidding on December 19.
The allotment of shares will be on December 27, credit of shares on demat account of allottees on December 29 and listing on exchanges will happen on December 30.
The company has cut its IPO size to Rs 475 crore from Rs 760 crore earlier. The IPO consists of a fresh issue of Rs 175 crore and an offer for sale of up to Rs 300 crore.
The proceeds of the issue worth Rs 88 crore will be used to repay debt while Rs 37.59 crore will be used for capital expenditure to upgrade and expand its existing facilities at Ghaziabad in Uttar Pradesh and Goa.
As of September 2022, the company had net debt of Rs 102.42 crore. Axis Capital and JM Financial are the lead managers of the issue.
The firm is a leading electronics manufacturing services (EMS) provider. It offers end-to-end product solutions to major lighting, fan, and kitchen appliance brands in India. It is also one of the largest fractional horsepower motors manufacturers in India.
The firm reported revenue of Rs 1093.75 crore in the fiscal year 2022 against Rs 862.38 crore a year ago. Net profit for the year stood at Rs 39.15 crore versus Rs 34.86 crore last year.
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