Elin Electronics to open its IPO next week on Dec 20; GMP at ₹30 apiece

• Elin Electronics IPO will open next week on December 20 and close on December 22.
• The price band of the IPO is set at ₹234 - ₹247 per share.
• The company plans to raise ₹475 crore out of which ₹175 crore worth shares will be via a fresh issue and ₹300 crore via an offer for sale by promoters and other shareholders.
• The proceeds from the fresh issue will be used to repay debt, fund capital expenditure for upgradation and expanding existing plants.

Electronics manufacturing services company Elin Electronics will open its initial public offering (IPO) next week on December 20 and close on December 22. The price band of the IPO is set at ₹234-247 per share.

The company plans to raise ₹475 crore. Of this, ₹175 crore worth shares will be raised via a fresh issue, and ₹300 crore via an offer for sale by promoters and shareholders.

The proceeds from the fresh issue will be used to repay debt, fund capital expenditure for upgradation and expanding existing plants.

The shares of the company are currently commanding a grey market premium, or GMP, of ₹30 per share. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges.

The company is a manufacturer of end-to-end product solutions for major brands of lighting, fans, and small kitchen appliances in India. It is also one of the largest fractional horsepower motor manufacturers in India.

Also, it manufactures and assembles a wide array of products and provides end-to-end product solutions.

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

Its key diversified product portfolio in electronics manufacturing services includes – LED lighting, fans and switches including lighting products, small kitchen appliances, fractional horsepower motors, other miscellaneous products such as terminal block for air conditioners, stainless steel blade for mixer grinders, die casting, radio sets etc.

Eveready, Havells, Bosch, Panasonic and Usha are some of its key customers.

It has a centralized research & development (R&D) centre in Ghaziabad recognised by the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India (DSIR) since 1992.

While the company caters to 297 customers as on October 31, 2022, 77% of its revenues came from top 10 customers in 2022.

There is one criminal proceeding against the company, 23 tax proceedings and three statutory or regulatory proceedings.

The company’s revenue and profitability has consistently improved in the last three financial years.

Source: RHP

Along with this public offer, KFin Technologies, a leading technology-driven financial services platform, is also opening its IPO next week on December 19.


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