Elin Electronics IPO: GMP, review, subscription status, other details. Apply or not?

Elin Electronics Ltd said in a BSE filing it has mobilised a total of ₹142.5 crore through anchor investors. The anchor investors in Elin Electronics have been allocated 57.69 lakh equity shares in aggregate at ₹247 per share, which is upper price band of this IPO.

Shares of Elin Electronics Ltd have made debut in grey market as well. According to market observers, Elin Electronics shares are available at a premium of ₹43 in grey market today. Prabhudas Lilladher, Reliance Securities, Hem Securities, Canara Bank Securities, Swastika Investmart, etc. have given ‘subscribe’ tag to this public issue.

Here we list out important Elin Electronics IPO details:

1] Elin Electronics IPO GMP: According to market observers, Elin Electronics shares are available at a premium of ₹43 in grey market today.

2] Elin Electronics IPO price: Company has fixed price band of the issue at ₹234 to ₹247 apiece.

3] Elin Electronics IPO subscription status: The public issue has been subscribed 0.17 times by 02:22 PM on day 1 of bidding. The retail portion of the IPO has been subscribed 0.28 times.

4] Elin Electronics IPO size: The company aims to raise ₹475 crore from its public offer out of which ₹300 crore is reserved for OFS (Offer For Sale).

5] Elin Electronics IPO lot size: A bidder will be able to apply for the IPO in lots. One lot of the public issue will comprise 60 company shares.

6] Elin Electronics IPO application limit: A retail investor can apply for minimum one lot and maximum 13 lots.

7] Elin Electronics IPO allotment date: Finalisation of shares is most likely on 27th December 2022.

8] Elin Electronics IPO listing: The public issue is proposed for listing on BSE and NSE and it is most likely to list on 30th December 2022.

9] Elin Electronics IPO registrar: KFin Technologies Limited has been appointed as official registrar of the public offer.

10] Elin Electronics IPO review: Giving subscribe tag to the public issue, Prabhudas Lilladher report says, “One can subscribe to IPO for long term as Elin 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. In addition, they are one of the key players in LED lighting and flashlight with EMS market share of approximately 7% in FY2021 and is also one of the key players in small appliances vertical with EMS market share of 10.7% in FY2021.”

On whether one should apply for the IPO or not, Santosh Meena, Head of Research at Swastika Investmart said, “The company has an established market position and strong customer relationships. It also has consistent financial performance with strong revenue growth and a stable margin. However, the company is operating in a highly competitive market, and the majority of its revenue is derived from a limited number of customers. The issue is coming at a P/E valuation of 25.75, which is attractively priced when compared to its peers. After considering all the factors we recommend to SUBSCRIBE this issue for long term.”

Hem Securities has also given ‘apply’ tag to the IPO citing, “Company is bringing the issue at price band of ₹234-247 per share at p/e multiple of 26x on FY22 basis. Its entrenched relationships with a marquee customer base & high degree of backward integration resulting in higher efficiencies, enhanced quality of products and customer retention capability. Along with this ,company’s consistent and strong track record of financial performance is making this issue attractive Hence, looking after all above, we recommend “Subscribe” on issue.”

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.