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The three-day initial public offering of Elin Electronics is set to start for subscription on Tuesday, as the company aims to generate proceeds worth Rs 475 crore from its public issue.
The price band for the shares is kept in the range of Rs 234-247, with a bid size of 60 shares. Post the public subscription, the shares are expected to go live on stock exchanges on December 30, 2022. Elin Electronics, a flagship company of Elin Group, was established in 1969 in Delhi NCR. It offers various products and services to its original equipment manufacturers (OEMs) customers, including electronic manufacturing services, design and manufacturing of electric motors, lighting products, and automotive components. Brokerage Prabhudas Lilladher Advisory Team "Subscribe" rating to the IPO. "One can subscribe to IPO for long term as 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 is one of the largest fractional horsepower motors manufacturers in India," the brokerage said in a note. The brokerage said the large-scale setup includes 157 moulding machines, and 104 power presses help them bring efficiencies and economies of scale. (ANI)
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