Elin Electronics files Rs 760-cr IPO papers with Sebi
Elin Electronics Limited, a leading electronics manufacturing services company, has filed preliminary papers with capital markets regulator markets Sebi to raise Rs 760 crore through an initial share-sale.
The initial public offering (IPO) comprising fresh issue of shares aggregating up to Rs 175 crore, and an offer for sale of up to Rs 585 crore by promoters and other selling shareholders, according to the draft red herring prospectus (DRHP).
As a part of the OFS, existing shareholders will sell shares to the tune of Rs 345.60 crore and promoters will divest shares worth Rs 239.4 crore.
Proceeds from the fresh issue will be used to the extent of Rs 80 crore to repay/prepay debt, Rs 48.97 crore for funding capital expenditure for upgrading and expansion of existing plants in Ghaziabad, Uttar Pradesh and Verna, Goa besides general corporate purposes.
The Delhi-based 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 leading fractional horsepower motors manufacturers in India.
The company manufactures and assembles a wide array of products and provide end-to-end product solutions.
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.
Its revenues from operations increased by 9.78 per cent from Rs 785.58 crore in fiscal 2020 to Rs 862.38 crore in fiscal 2021, while its net profit jumped 26.81 per cent to Rs 34.86 crore for fiscal 2021 from Rs 27.49 crore for fiscal 2020.
Axis Capital and JM Financial are the book-running lead managers to the IPO.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)