Elin Electronics Limited Initial Public Offering to open on December 20, 2022

Ahmedabad: Elin Electronics Limited, an electronics manufacturing services (“EMS”) manufacturer announced that it’s Initial Public Offering will open on December 20, 2022, and the company has set the price band at Rs 234 to Rs 247 per Equity Share.

The company in its statement said, “It has fixed the price band at Rs 234 to Rs 247 per Equity Share for its maiden public offer. The initial public offering (“IPO” or “Offer”) of the Company will open on Tuesday, December 20, 2022, for subscription and closes on Thursday, December 22, 2022. Investors can bid for a minimum of 60 Equity Shares and in multiples of 60 Equity Shares thereafter.”

“The public issue with a face value of Rs 5 per equity share comprising a fresh issue aggregating up to Rs 175 crore, and an offer for sale of up to Rs 300 crore by existing shareholders,” the statement states further.

The company shared the details that “the offer for Sale comprises up to Rs 17.18 crore by Kamal Sethia, up to Rs 28.09 crore by Kishore Sethia, up to Rs 25.37 crore by Gaurav Sethia, up to Rs 6.66 crore by Sumit Sethia, up to Rs 30.52 crore by Suman Sethia, up to Rs 8.33 crore by Vasudha Sethia, up to Rs 4.96 crore by Vinay Kumar Sethia, (The Promoter Selling Shareholders”), and up to Rs 178.88 crore by Other selling shareholders (The “Other Selling Shareholders”).”

According to the statement, “The company’s revenues from operations increased by 26.83% from Rs 862.38 crore in Fiscal 2021 to Rs 1,093.75 crore in Fiscal 2022 primarily due to an increase in consumer purchases of home and personal appliances, whereas profit after tax grew 12.31% from Rs 34.86 crore in Fiscal 2021 to Rs 39.15 crore in Fiscal 2022. Revenues from operations stood at Rs 604.46 crore for the six months ended September 30, 2022, and profit after tax at Rs 20.67 crore.”

The equity shares are proposed to be listed on the Main Board of BSE and NSE. DeshGujarat