Elin Electronics, incorporated on March 26, 1982, is a leading manufacturer of end-to-end product solutions for major brands of lighting, fans and small/ kitchen appliances in India. It is one of the largest fractional horsepower motors manufacturers in India.
| Bidding Dates |
|---|
| 20 Dec 2022 - 22 Dec 2022 |
| Subscription |
|---|
| 3.09x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,820 | 1 | 13 | 60 | 19.2 M | ₹234 - ₹247 | 61.27 % | ₹4500.0 M - ₹4750.0 M | RHP DOC |
Elin Electronics IPO SUBSCRIPTION STATUS
22 Dec '22Elin Electronics IPO overall subscription rate was 3.09 times the total available shares
Elin Electronics IPO retail subscription rate was 2.2 times in the retail segment
Elin Electronics IPO non-institutional investor subscription rate was 3.29 times in the non-institutional investor category
Elin Electronics IPO Qualified Institutional Bidder subscription rate was 4.51 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
22 Dec 2022 (Day 3) | 2.2x | 3.29x | 4.51x |
21 Dec 2022 (Day 2) | 1.33x | 1.29x | 0.01x |
20 Dec 2022 (Day 1) | 0.55x | 0.43x | 0.01x |
Elin Electronics FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| H1FY23 | 206.7 | 6,044.6 | 314.3 | 73.4 | 7.2% |
| FY22 | 391.5 | 10,937.5 | 512.8 | 103.3 | 7.3% |
| FY21 | 348.6 | 8,623.8 | -336.4 | -524.8 | 8.0% |
| FY20 | 274.9 | 7,855.8 | 768.1 | 454.8 | 7.2% |
Elin Electronics IPO SUBSCRIPTION STATUS DETAILS
Elin Electronics had 19.2 M shares on offer
Elin Electronics IPO offer price was in the range ₹234 - ₹247
Elin Electronics IPO minimum Investment was ₹14820
Elin Electronics IPO issue size was ₹ 4500.0 M - ₹ 4750.0 M
Elin Electronics had a minimum lot size of 60 Shares per application
Elin Electronics NUMBER OF SHARES ON OFFER
Elin Electronics IPO IMPORTANT DATES
| Issue Open Date | 20 Dec 2022 |
| Issue close Date | 22 Dec 2022 |
| Allotment Date | 27 Dec 2022 |
| Refund Date | 28 Dec 2022 |
| Demat Account Credit Date | 29 Dec 2022 |
| Listing Date | 30 Dec 2022 |
| Listing on Exchange(s) | NSE and BSE |
| Elin Electronics Allotment Status | Exchange |
Elin Electronics IPO subscription opened on 20 Dec 2022, and closed on 22 Dec 2022
IPO allotment for Elin Electronics was finalized on Tuesday, 27 Dec 2022
IPO listing for Elin Electronics was on NSE and BSE on Friday, 30 Dec 2022
Elin Electronics IPO LISTING GAINS
| Issue Price (adjusted) | 247.0 |
| Listing Open Price | 244.0 |
| Listing Close Price | 227.7 |
| Listing Gain% | -1.2% |
| Current Gain% | -60.9% |
Elin Electronics Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Elin Electronics Ltd. | 96.5 | 479.2 | -58.4 | 0.5 | 0.4 | 4 | 2.9 | 1295.3 | 8.1 | 22.6 | -23 | -1.7 | -125 |
| Crompton Greaves Consumer Electricals Ltd. | 250 | 16094.7 | -71.9 | 0.5 | 1.9 | -8.2 | -4 | 8161.2 | 2.9 | -242.2 | -143.6 | -3.5 | -142.5 |
| V-Guard Industries Ltd. | 319.6 | 13966 | 38.3 | 1.5 | 2.2 | 13 | 8.3 | 5989.3 | 7 | 308.3 | -1.7 | 8.3 | 26.4 |
| TTK Prestige Ltd. | 616 | 8435.4 | 49.4 | 0.7 | 2.7 | 8.1 | 5.9 | 3040.9 | 9 | 160.6 | 42.8 | 12.5 | 75.5 |
| Cera Sanitaryware Ltd. | 6062 | 7818.5 | 38.5 | -2.2 | 3.7 | 13.9 | 10.4 | 2103 | 6.3 | 204.2 | -17.2 | 157.4 | -17.5 |
| IFB Industries Ltd. | 1404.4 | 5690.5 | 35.5 | 0.7 | 1 | 14.4 | 5.8 | 5652.6 | 10.3 | 143.6 | 20.7 | 39.6 | 49.2 |
Elin Electronics INFORMATION ON IPO ISSUE
About Elin Electronics
Elin Electronics, incorporated on March 26, 1982, is a leading manufacturer of end-to-end product solutions for major brands of lighting, fans and small/ kitchen appliances in India. It is one of the largest fractional horsepower motors manufacturers in India.
Object of the Issue
- Repayment/ prepayment, in full or part, of certain borrowings availed by the company
- Funding capital expenditure towards upgrading and expanding the existing facilities at Ghaziabad, Uttar Pradesh, and Verna, Goa
- General corporate purposes
Elin Electronics - PROMOTERS
| Name |
|---|
| Mangi Lall Sethia |
| Kamal Sethia |
| Kishore Sethia |
| Gaurav Sethia |
| Sanjeev Sethia |
| Sumit Sethia |
| Suman Sethia |
| Vasudha Sethia |
| Vinay Kumar Sethia |
Elin Electronics Book Running Lead Manager
Axis Capital Limited
elin.ipo@axiscap.in
Elin Electronics Book Running Lead Managers
JM Financial Limited
elin.ipo@jmfl.com
Elin Electronics Registrar to the Offer
KFinTechnologies Private Limited
elinindia.ipo@kfintech.com
Elin Electronics Strengths
Established market position
The company is a leading EMS provider. It is a manufacturer of end-to-end product solutions for major brands of lighting, fans and small/kitchen appliances in India
Diversified products
The company has a diverse product, product vertical and customer base, and further, it caters to customers across multiple product verticals
Entrenched relationships
The company has established longstanding relationships with well-known domestic and multi-national customers across the product verticals, and will continue to focus on strengthening them
Backward integration
The company has a high degree of backward integration resulting in higher efficiencies, enhanced quality of products and customer retention capability
Financial performance
The company's presence in product segments with growing demand, marquee customer base and continuous focus on efficiency and productivity have enabled it to deliver consistent and strong financial performance
Elin Electronics Risks
Dependent on certain key customers
The company is highly dependent on certain key customers for a substantial portion of its revenues and loss of relationship with any of these customers may have a material adverse effect on profitability
Untraceable records
Some of the corporate records relating to allotments made by the company, and transfers and acquisitions of equity shares made by the promoters are not traceable
Highly competitive industry
The company and its customers operate in a highly competitive industry
Significant capital expenditure
The company has incurred significant capital expenditure in the past and will continue to do so in the future. Such capital expenditure may not be profitable
IPO FAQs
This IPO consists of an offer for sale of up to Rs 300.0 crore, of 12,145,749 shares. It also consists of a fresh issue of Rs 175.0 crore.
The promoters of the company are Mangi Lall Sethia, Kamal Sethia, Kishore Sethia, Gaurav Sethia, Sanjeev Sethia, Sumit Sethia, Suman Sethia, Vasudha Sethia and Vinay Kumar Sethia.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 234.0 - 247.0.
The IPO application opens on Dec 20, 2022 and closes on Dec 22, 2022.
The minimum lot size for the IPO is 60. The maximum lot size for the IPO is 780.
For all category investors, the minimum application amount for this IPO is Rs. 14,820.0, the maximum value for this IPO is Rs 192,660.0.
This IPO will be allotted on Dec 27, 2022.
The refund will be credited to your account on Dec 28, 2022.
The allotted shares will be credited to your demat on Dec 29, 2022.
Elin Electronics Ltd.’s shares listed on the stock exchanges on Dec 30, 2022.