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IPO

EMS provider Elin Electronics' Rs.475-Cr IPO subscribed 3 times

MoneyControl  

The initial public offering (IPO) of Elin Electronics was subscribed 3.09 times, with bids coming for 4.39 crore shares against an IPO size of 1.42 crore shares. Retail investors and high networth individuals bought 2.2 times and 3.29 times their allotted quota of shares. The portion set aside for qualified institutional buyers (QIBs) was subscribed 4.51 times. The electronics manufacturing services (EMS) provider had reserved half of its offer size for QIBs, 15% for non-institutional investors and the remaining 35% for retail investors. Elin Electronics is looking to mop up INR 475 crore through the IPO, which comprises a fresh issue of INR 175 crore and an offer for sale of INR 300 crore by promoters. The company has collected INR 142 crore through the anchor book. The price band for the offer is INR 234-247 a share. The company will use the proceeds to repay debt and expand facilities at Ghaziabad in Uttar Pradesh and Verna in Goa. Elin offers solutions for manufacturers of lights, fans and small kitchen appliances. It also manufactures fractional horsepower motors.