New Delhi: The initial share-sale of electronics manufacturing services company Elin Electronics received 37 per cent subscription on the first day of offer on Tuesday.The company aims to generate proceeds worth Rs 475 crore the IPO that has been launched at the price band of Rs 234-247, along with a bid size of 60 shares.
Post the public subscription, the shares are expected to go live on stock exchanges on December 30, 2022. As per reports, the Elin Electronics latest GMP suggests a premium of Rs 48, suggesting that the scrip will have a decent debut on its stock market listing.
Should you buy Elin Electronics IPO?
Brokerage Prabhudas Lilladher Advisory Team has given “Subscribe” rating to the IPO.
“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,” the brokerage said in a note.
Anand Rathi has also given ‘SUBSCRIBE-Long Term’ rating to the IPO.
“As Elin’s Revenue/PAT is growing at a robust CAGR of 18%/19% respectively (FY20-22) with an even robust industry outlook coupled with consistent margins we recommend “SUBSCRIBE-Long Term” rating to this IPO,” the brokerage said in a note.
Elin Electronics, a flagship company of Elin Group, was established in 1969 in Delhi NCR. It offers various products and services to its original equipment manufacturers (OEMs) customers, including electronic manufacturing services, design and manufacturing of electric motors, lighting products, and automotive components.