Elin Electronics Receives SEBI Approval For IPO

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Elin has filed preliminary papers with Sebi last year in November

Delhi-based electronics manufacturer Elin Electronics Limited (EEL) has received SEBI’s approval for its Rs 760 crore Initial Public Offering (IPO).

Elin’s IPO offers equity shares with a face value of Rs 5 each, comprising a fresh issue of up to Rs 175 crore and an offer for sale of up to Rs 585 crore.

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Elin has filed preliminary papers with Sebi last year in November. Existing shareholders will sell shares worth Rs 345.60 crore, while promoters will sell shares worth Rs 239.4 crore as part of the Offer for Sale.

Approximately Rs 80 crore from the fresh issue will be utilised to pay off existing debt, Rs 48.97 crore for improving and expanding existing plants in Ghaziabad, Uttar Pradesh, and Verna, Goa, along with general corporate purposes.

Elin manufactures end-to end product solutions for major brands of lighting, fans, and small/ kitchen appliances in India, and leading fractional horsepower motors manufacturers in India.

It’s product portfolio includes LED lighting, fans and switches; small appliances; fractional horsepower motors; medical diagnostic cartridges; plastic moulded and sheet metal parts and components; and other miscellaneous products such as terminal block, stainless steel blade, die casting and radio sets.

The company has Axis Capital and JM Financial as the lead managers to the issue.

Its revenues from operations in FY21 were Rs 862.38 crore as opposed to Rs 785.58 crore in FY20. Its net profit stood at Rs 34.86 crore for the said period as compared to Rs 27.49 crore in the previous financial year.

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