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Mumbai: Elin Electronics Limited 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 has received bids of 4,39,62,960shares against the offered 1,42,09,386 equity shares, at a price band of ?234-247, according to the data available on the stock exchanges.

Overall the issue was subscribed 3.09 times on the final day of bidding led by QIB and NII portion.

Retail Portion was subscribed 2.20 times followed by Non-Institutional segment that saw a response of 3.29 times. The reserved portion for qualified institutional buyer portion saw a subscription of 4.51 times.

Axis Capital Limited, and JM Financial Limited are the book running lead manager to the issue and KFin Technologies Private Limited is the registrar to the offer. The equity shares are proposed to be listed on the Main Board of BSE and NSE.

Company Information

Elin Electronics is one of the key players in LED lighting and flashlight with EMS market share of approximately 7% in Fiscal 2021, and are also one of the key players in small appliances vertical with EMS market share of 10.7% in Fiscal 2021. (Source: F&S Report)

The company partners with leading consumer electronics and appliances brands for LED lighting, fans and switches such as Signify Innovations and Eveready; for Small appliances such as Philips, Bosch, Faber, Panasonic and Usha; for fractional horsepower motors such as Havells, Bosch, Faber, Panasonic, Preethi (owned by Philips), Groupe SEB (Maharaja brand) and Usha; as well as for Medical diagnostic cartridges such as Molbio Diagnostics Private Limited and for Moulded and sheet metal parts and components such as Denso and IFB.

The company’s key diversified product portfolio in EMS includes: LED lighting, fans and switches including lighting products, ceiling, fresh air and TPW fans, and modular switches and sockets;  small appliances such as dry and steam irons, toasters, hand blenders, mixer grinders, hair dryer and hair straightener; fractional horsepower motors, which is used in mixer grinder, hand blender, wet grinder, chimney, air conditioner, heat convector, TPW fans etc.; and other miscellaneous products such as terminal block for air conditioners, stainless steel blade for mixer grinders, die casting, radio sets.

Elin Electronics’ 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 increase in consumer purchase 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.