Elin Electronics IPO subscribed 95% on day two of offer

The IPO received bids for 1,34,54,580 shares against 1,42,09,386 shares on offer, as per NSE data.

PTIUpdated: Wednesday, December 21, 2022, 07:24 PM IST
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Concord Biotech, Vaibhav Gems get Sebi's approval to raise funds through IPOs | Photo credit: Freepik

The Initial Public Offer (IPO) of electronics manufacturing services company Elin Electronics was subscribed 95 per cent on the second day of subscription on Wednesday.

The IPO received bids for 1,34,54,580 shares against 1,42,09,386 shares on offer, as per NSE data.

The category meant for non-institutional investors was subscribed 1.29 times, Retail Individual Investors (RIIs) received 1.33 times subscription and Qualified Institutional Buyers (QIBs) portion 1 per cent.

The IPO has a fresh issue of up to Rs 175 crore and an offer for sale of up to Rs 300 crore, aggregating up to Rs 475 crore.

The initial share-sale of Elin Electronics received 37 per cent subscription on the first day of offer on Tuesday.

Axis Capital and JM Financial are the managers to the offer.

Price range for the offer is at Rs 234-247 a share.

What is Elin Electronics?

Delhi-based Elin is a manufacturer of end-to-end product solutions for major brands of lighting, fans, and small kitchen appliances, and a leading fractional horsepower motors manufacturer in the country.

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