Elin Electronics IPO: Check Issue Date, Price, Lot Size & Details | Espresso


Elin Electronics Limited to Open on Dec 20. Check IPO Details, Issue Date, Price

December 19, 2022
Elin Electronics Limited to Open on Dec 20. Check IPO Details, Issue Date, Price

Elin Electronics Limited is coming out with a fresh public issue to raise Rs. 475 crores from the market.

Below are the details of the Elin Electronics Limited IPO:

  • Issue opens – Dec 20 (Tuesday)
  • Issue closes – Dec 22 (Thursday)
  • Issue size – Rs. 475 crores
  • Price band – Rs. 234 to 247 per equity share
  • Bid lot – 60 shares and in multiples thereof

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And here are some details of the company and further details on the Elin Electronics Limited.

Company details:

·    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, and is one of the largest fractional horsepower motors manufacturers in India. Based on their overall market share, they are projected to be the largest players in this category, with a market share of 12% in Fiscal 2021. (Source: F&S Report) In addition, they are one of the key players in the LED lighting and flashlight market with an EMS market share of approximately 7% in Fiscal 2021, and is also one of the key players in small appliances vertical with an EMS market share of 10.7% in Fiscal 2021. (Source: F&S Report).

·    The company manufactures and assembles a wide array of products and provide end-to-end product solutions. They serve under both original equipment manufacturer (“OEM”) and original design manufacturer (“ODM”) business models. Their key diversified product portfolio in EMS includes (i) LED lighting, fans and switches including lighting products, ceiling, fresh air and TPW fans, and modular switches and sockets; (ii) small appliances such as dry and steam irons, toasters, hand blenders, mixer grinders, hair dryer and hair straightener; (iii) fractional horsepower motors, which is used in mixer grinder, hand blender, wet grinder, chimney, air conditioner, heat convector, TPW fans etc.; and (iv) other miscellaneous products such as terminal block for air conditioners, stainless steel blade for mixer grinders, die casting, radio sets.

·    In addition to their EMS offerings, the company also manufactures medical diagnostic cartridges for use in diagnostic devices, and plastic moulded and sheet metal parts and components, largely for customers in the auto ancillary and consumer durables sectors. It manufactures and sells fractional horsepower motors in their own brand name “Elin”.

·    Their key customers by business verticals include:

1)     LED lighting, fans and switches: Signify Innovations and Eveready;

2)     Small appliances: Philips, Bosch, Faber, Panasonic and Usha;

3)     Fractional horsepower motors: Havells, Bosch, Faber, Panasonic, Preethi (owned by Philips), Groupe SEB (Maharaja brand) and Usha;

4)     Medical diagnostic cartridges: Molbio Diagnostics Private Limited; and

5)     Moulded and sheet metal parts and components: Denso and IFB.

·    The company has three manufacturing facilities which are strategically located in Ghaziabad (Uttar Pradesh), Baddi (Himachal Pradesh) and Verna (Goa). As on October 31, 2022, their large scale setup included 157 units of molding machines and 104 units of power presses which together bring in efficiency and economies of scale.

·    The company has a centralized R&D centre in Ghaziabad (Uttar Pradesh), recognised by the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India (“DSIR”) since 1992, focusing on the research and development on all aspects of OEM and ODM models including concept sketching, design refinement, generating optional features and testing.

Issue Size:

475 crores

Issue break-up:

  • QIB – 50% of the offer – Rs. 237.50 crores
  • NIB – 15% of the offer – Rs. 71.25 crores
  • RET – 35% of the offer – Rs. 166.25 crores




KFin Technologies Limited


All Retail & NII bidders' (bids up to Rs 5,00,000) applications through brokers are compulsorily in UPI Mode.


· Application made using third party UPI or ASBA Bank A/c are liable to be rejected.      

· The UPI Mandate acceptance time for Retail and NII Bidders (bids up to ? 5,00,000) shall expire at 5:00 PM on the closing day of  the IPO i.e. December 22, 2022. 

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