Engineering component maker JK Files & Engineering Ltd and Delhi-based Elin Electronics Ltd have got the Securities Exchange Board of India's (SEBI) approval to launch initial public offerings (IPOs).
Raymond-promoted JK Files & Engineering had in December filed draft papers to raise around Rs 800 crore through IPO, an offer for sale by Raymond Ltd which holds a 100 percent stake in the firm.
SBI Capital Markets, Dam Capital Advisors and HDFC Bank are the lead managers to the issue.
JK Files manufactures, sells and distributes precision engineered components for hand tools, power tool accessories and power tool machines. Its subsidiary, Ring Plus Aqua Ltd, is into auto components and engineering products such as ring gears, flexplates and water- pump bearings.
Elin Electronics Ltd filed draft papers in November to raise around Rs 760 crore. The IPO will be a fresh issue of shares worth Rs175 crore and an offer for sale of up to Rs 585 crore by promoters and shareholders.
The firm will use Rs 80 crore to pay debt. As of September 2021, it had a net debt of ₹127.51 crore. Elin Electronics will also use Rs 48.97 crore to upgrade and expand its facilities at Ghaziabad in Uttar Pradesh and Verna in Goa.
Axis Capital and JM Financial are the lead managers to the issue.
The firm is a leading electronics manufacturing services (EMS) provider of end-to-end product solutions for major brands of lighting, fans, and small kitchen appliances, and is one of the largest fractional horsepower motors manufacturers in India.