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Elin Electronics has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 760 crore through an initial public offering (IPO). The IPO comprising fresh issue of shares aggregating up to Rs 175 crore, and an offer for sale of up to Rs 585 crore by promoters and other selling shareholders.

Proceeds from the fresh issue will be used to the extent of Rs 80 crore to repay/prepay debt, Rs 48.97 crore for funding capital expenditure for upgrading and expansion of existing plants in Ghaziabad, Uttar Pradesh and Verna, Goa besides general corporate purposes. Axis Capital and JM Financial are the book-running lead managers to the IPO.

Elin Electronics 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 leading fractional horsepower motors manufacturers in India.