Elin Electronics IPO Subscribed 37% At ₹234-247 Price Band

Elin Electronics IPO was launched on Tuesday and it got subscribed 0.37 times. The company aims to collect ₹475 crore from the IPO, with a bid size of 60 shares.

On Tuesday, December 20, 2022, Elin Electronics launched its initial public offering (IPO). It received 37% subscriptions on the first day. 

The offer will close on Thursday, December 22. The issue price is ₹234-247 per share.

Elin Electronics IPO consists of a new issue of up Rs175 crore as well as an offer for sale, (OFS), of up Rs300 crore totaling Rs475 Crore.

According to market observers, Elin Electronics shares command a premium (GMP), of Rs48 on the gray market today. The company’s shares will be listed on stock exchanges by December 30, 2022.

Elin Electronics was founded in 1969. Elin, a Delhi-based manufacturer of end to end product solutions for major brands in lighting, fans and small kitchen appliances and a top manufacturer of fractional horsepower motors in the country, is headquartered here.

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Market observers believe that Elin Electronics shares were available yesterday (20 Dec) at a premium price of ₹43 on the gray market. 

The company has set the price range for the issue at Rs234 to R247 per piece. By 5:00 PM on Day 1 of bidding, the public issue had been subscribed 0.37x or 37%. Retail has been subscribed 0.44 Times.

The company hopes to raise ₹475 million from its public offering, of which Rs300 crore will be reserved for OFS (Offer for Sale). 

The IPO will be available to bidders in lots. 60 shares will be included in a lot. Retail investors can apply for a minimum of one lot or maximum 13 lots.

Finalization of shares is most likely to occur on 27 December 2022. It is expected that the public issue will be listed on NSE and BSE on December 30th 2022.