Elin Electronics' IPO to kick off on Dec 20

The initial share-sale of electronics manufacturing services company Elin Electronics will open for public subscription on December 20.

The three-day initial public offering (IPO) will conclude on December 22, according to the red herring prospectus (RHP).

The company has cut the public issue size to Rs 475 crore from Rs 760 crore planned earlier. Now, the IPO comprises fresh issue of shares aggregating up to Rs 175 crore and an offer-for-sale of up to Rs 300 crore by promoters and other selling shareholders.

Proceeds from the fresh issue will be used to repay debt, fund capital expenditure for upgradation and expansion of existing plants in Ghaziabad, Uttar Pradesh and Verna, Goa and for general corporate purposes.

Delhi-based Elin is a manufacturer of end-to-end product solutions for major brands of lighting, fans, and small kitchen appliances, and a leading fractional horsepower motors manufacturer in the country.

Its product portfolio includes LED lighting, fans and switches, small appliances, fractional horsepower motors, medical diagnostic cartridges, plastic moulded and sheet metal parts and components, among others.

Axis Capital and JM Financial are the book running lead managers to the issue.