Elin Electronics IPO
Elin Electronics IPO — date, price band, lot size & details 2022
Elin Electronics listed on 30 Dec 2022 at ₹244, 1.2% below the ₹247 issue price.
Elin Electronics is an electronics manufacturing services provider making lighting, fans, small appliances and fractional horsepower motors for major brands. Its total income was Rs 1,094.67 crore in FY2022.
Stock price
Elin Electronics is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 20 Dec 2022
- Close 22 Dec 2022
- Allotment 27 Dec 2022
- Refund/credit 28 Dec 2022
- Listing 30 Dec 2022
Issue summary
The terms of the offer, as filed.
| IPO Dates | 20 to 22 Dec, 2022 |
|---|---|
| Price Band | ₹234 – ₹247 |
| Face Value | ₹5 |
| Lot Size | 60 Shares |
| Issue Size | ₹475 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,820 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 60 shares at the ₹247 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 60 | ₹14,820 |
| Retail (max) | 13 | 780 | ₹1,92,660 |
| S-HNI (min) | 14 | 840 | ₹2,07,480 |
| S-HNI (max) | 67 | 4,020 | ₹9,92,940 |
| B-HNI (min) | 68 | 4,080 | ₹10,07,760 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 786.37 crore in FY2020 to Rs 1,094.67 crore in FY2022.
- 02Profit after tax rose from Rs 27.49 crore in FY2020 to Rs 39.15 crore in FY2022.
- 03Rs 88.00 crore of the fresh issue was planned for repaying debt.
- 04It works with major lighting, fan and appliance brands from 3 manufacturing facilities.
- 05The pre-issue P/E was 26.85 at the upper band of Rs 247, based on EPS of Rs 9.20.
Risks · 5
- 01Margins are thin, and the source puts the PAT margin at 3.58% and the EBITDA margin at 7.31%.
- 02Rs 300.00 crore of the Rs 475 crore issue was offer for sale, so most of the money went to selling shareholders.
- 03Total borrowing was Rs 102.77 crore on 30 September 2022.
- 04As a contract maker, it depends on a few large brand customers who can shift orders to other makers. Return on net worth was 12.92% as per the source.
- 05Promoters and the promoter group held 53.98% before the issue and 32.93% after it, as per the prospectus share counts.
Three years of numbers
All figures in ₹ crore, as reported in the Elin Electronics offer document.
| Metric | 30 Sep 2022 | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|
| Assets | 589.24 | 532.61 | 508.29 | 387.61 |
| Total Income | 604.74 | 1,094.67 | 864.90 | 786.37 |
| Profit After Tax | 20.67 | 39.15 | 34.86 | 27.49 |
| NET Worth | 0.00 | 0.00 | 0.00 | |
| Reserves and Surplus | 0.00 | 0.00 | 0.00 | |
| Total Borrowing | 102.77 | 102.33 | 113.77 | 69.89 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Elin Electronics RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Elin Electronics IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹9.20 | ₹8.32 |
| P/E Ratio (x) | 26.85 | 29.69 |
| Market Cap at Offer Price (₹ Cr) | ₹554.94 | ₹613.64 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹247 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹164.61 Cr of the issue is earmarked to named objects.
About the company
It makes end-to-end product solutions for major brands under both OEM and ODM models. Its range covers LED lighting, fans and switches, small appliances such as irons, toasters, hand blenders, mixer grinders and hair dryers, and fractional horsepower motors used in mixers, chimneys, air conditioners and fans.
It has three manufacturing facilities at Ghaziabad in Uttar Pradesh, Baddi in Himachal Pradesh and Verna in Goa, and a central R&D centre in Ghaziabad.
The IPO was Rs 475 crore, with Rs 175.00 crore of fresh issue and Rs 300.00 crore of offer for sale by promoters, promoter group members and other Sethia family shareholders. Rs 88.00 crore was planned for repaying borrowings and Rs 37.59 crore for upgrading the Ghaziabad and Verna plants.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Elin Electronics IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
125 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
Axis Capital
126 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Elin Electronics?
The current Grey Market Premium is ₹5, or 2% over the issue price.
What is the Elin Electronics IPO price band?
₹234 to ₹247, on a face value of ₹5.
When is the allotment?
The basis of allotment is 27 December 2022, with listing on 30 December 2022.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
