Elin Electronics' public issue subscribed 0.37 times on Day 1
Dec 20, 2022
New Delhi [India], December 20 : The initial public offering (IPO) of Elin electronics was subscribed 0.37 times overall at the closing of Day 1 of the three-day public issue.
Today's subscription was driven mainly by retail and non-institutional investors, data showed.
Through the three-day initial public offering, Elin Electronics aims to generate proceeds worth Rs 475 crore from the public.
The share price band is kept in the range of Rs 234-247, with a bid size of 60 shares.
Elin Electronics, a flagship company of Elin Group, was established in 1969 in Delhi-NCR.
It offers various products and services to its original equipment manufacturers (OEMs) customers, including electronic manufacturing services, design and manufacturing of electric motors, lighting products, and automotive components.
Post the public subscription, the shares are expected to go live on stock exchanges on December 30, 2022.
Brokerage Prabhudas Lilladher Advisory Team gave "Subscribe" rating to the IPO.
"One can subscribe to IPO for long term as Elin is a leading electronics manufacturing services (EMS) manufacturer of end-to-end product solutions for major brands of lighting, fans, and small/ kitchen appliances in India, and is one of the largest fractional horsepower motors manufacturers in India," the brokerage had said.
The brokerage said the large-scale setup includes 157 moulding machines, and 104 power presses helping them bring efficiencies and economies of scale.
