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 the company is one of the largest fractional horsepower motors manufacturers in India.
The company manufacture and assemble a wide array of products and provide end-to-end product solutions. Elin Electronics serve under both original equipment manufacturer (“OEM”) and original design manufacturer (“ODM”) business models.
The company key diversified product portfolio in EMS includes:
- LED lighting, fans and switches including lighting products, ceiling, fresh air and TPW fans, and modular switches and sockets;
- small appliances such as dry and steam irons, toasters, hand blenders, mixer grinders, hair dryer and hair straightener;
- fractional horsepower motors, which is used in mixer grinder, hand blender, wet grinder, chimney, air conditioner, heat convector, TPW fans etc.; and
- other miscellaneous products such as terminal block for air conditioners, stainless steel blade for mixer grinders, die casting, radio sets.
The company also manufacture 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. Elin Electronics manufacture and sell fractional horsepower motors in our own brand name “Elin”.
Elin Electronics have three manufacturing facilities which are strategically located in Ghaziabad (Uttar Pradesh), Baddi (Himachal Pradesh) and Verna (Goa). As on September 30, 2021, Company’s large scale setup included 149 units of molding machines and 105 units of power presses.
Elin Electronics have a centralized R&D centre in Ghaziabad (Uttar Pradesh). As on September 30, 2021, company’s R&D team consisted of 136 employees, including engineers, designers and other workers.
Elin Electronics IPO – Details
| IPO Opening Date | 20 December 2022 |
| IPO Closing Date | 22 December 2022 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Rs 475 Crore |
| Fresh Issue | 70,85,020 Shares Worth Rs 175 Crore |
| Offer For Sale | 1,21,45,749 Shares Worth Rs 300 Crore |
| Face Value | ₹5 per equity share |
| IPO Price | ₹234 – ₹247 |
| Market Lot | 60 Shares |
| Min Order | 60 Shares (1 Lot) |
| Listing At | BSE, NSE |
| Register | KFin Technologies Limited |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Elin Electronics IPO – Date Schedule
| IPO Open Date | 20 December 2022 |
| IPO Close Date | 22 December 2022 |
| Basis of Allotment Date | 27 December 2022 |
| Initiation of Refunds | 28 December 2022 |
| Credit of Shares to Demat Account | 29 December 2022 |
| IPO Listing Date | 30 December 2022 |
Elin Electronics IPO – Lots Size & Price
| 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 |
| B-HNI (Min) | 68 | 4,080 | 10,07,760 |
Competitive Strengths
- Established market position in key verticals including leadership in fractional horsepower motors;
- Diversified products resulting in a de-risked business model;
- Entrenched relationships with a marquee customer base;
- High degree of backward integration resulting in higher efficiencies, enhanced quality of products and customer retention capability; and
- Consistent and strong track record of financial performance.
Company Promoters
- Mangi Lall Sethia
- Kamal Sethia
- Kishore Sethia
- Gaurav Sethia
- Sanjeev Sethia
- Sumit Sethia
- Suman Sethia
- Vasudha Sethia
- Vinay Kumar Sethia
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax |
|---|---|---|---|
| 31 March 2019 | 829.73 | 791.79 | 29.07 |
| 31 March 2020 | 786.37 | 751.26 | 27.48 |
| 31 March 2021 | 864.90 | 817.41 | 34.85 |
| 30 September 2021 | 518.92 | 493.46 | 19.33 |
| 31 March 2022 | 1094.66 | 1041.79 | 39.14 |
| 30 September 2022 | 604.74 | 577.16 | 20.66 |
Object Of The Issue
- Repayment/ prepayment, in full or part, of certain borrowings availed by their Company;
- Funding capital expenditure towards upgrading and expanding their existing facilities at (i) Ghaziabad, Uttar Pradesh, and (ii) Verna, Goa; and
- General corporate purposes.
Elin Electronics IPO Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 2 | Dixon Technologies (India) Limited | 140.44 |
| 2 | 10 | Amber Enterprises India Limited | 62.82 |
Elin Electronics IPO Strengths
- Has an established and strong hold on market position in key verticals including leadership in fractional horsepower motors.
- Diversified products resulting in a de-risked business model.
- Entrenched relationships with a marquee customer base.
- High degree of backward integration resulting in higher efficiencies, enhanced quality of products and customer retention capability.
- Consistent and strong track record of financial performance.
Elin Electronics IPO Risks
- There is no guarantee that the firm can retain the business with its (new or existing) customers after completing contracts, adversely affect the profitability and results of operations.
- The manufacturing facilities are critical to the business. Thus, any disruption in the continuous operations of them would have a material adverse effect on the business, and profitability.
- If the firm fails to optimally utilise its well-versed backward integration to enhance and support the business, then reliance on third party suppliers may possibly cause delays in timelines and increase in input cost (on short notice).
- The EMS industry is rapidly changing and evolving. The company may fail to keep up with the latest trends and fail in adopting new ODM capabilities and technology.
- The technical knowledge may not be adequately protected by intellectual property, but only by secrecy, which cannot keep things confidential for long and may lead to the firm losing out on its competitive edge.
- The firm relies on third party transportation providers to supply most of the raw materials and deliver products to its customers, hence, there could possibly be failures in these continuous supply or delivery process in an efficient and reliable manner.
Elin Electronics IPO Promoter Holding
| Pre Issue Share Holding | 53.98% |
| Post Issue Share Holding | 32.93% |
Elin Electronics IPO Prospectus
Company Contact Information
| Elin Electronics Limited 143, Cotton Street, Kolkata – 700 007, West Bengal, India Tel: +91 011 43000400 Email: cs@elinindia.com Website: www.elinindia.com |
Elin Electronics IPO Registrar
| KFin Technologies Limited Selenium, Tower B, Plot No 31 and 32, Financial District, Nanakramguda, Serilingampally Hyderabad, Rangareddi 500 032, Telangana, India Tel: +91 40 6716 2222 E-mail: elinindia.ipo@kfintech.com Website: www.kfintech.com |
Elin Electronics IPO Lead Manager(s)
| 1. JM Financial Limited 2. Axis Capital Limited |
Elin Electronics IPO FAQs
| What is Elin Electronics IPO? Elin Electronics IPO is a main-board IPO. The issue is priced at ₹234 to ₹247 per equity share. The IPO is to be listed on BSE & NSE. |
| When Elin Electronics IPO will open? The IPO is to open on 20 December 2022 for QIB, NII, and Retail Investors. |
| What is Elin Electronics IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the Elin Electronics IPO? You can apply Elin Electronics IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Elin Electronics IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Elin Electronics”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Elin Electronics IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Elin Electronics”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Elin Electronics IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Elin Electronics”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Elin Electronics IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Elin Electronics”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Elin Electronics IPO Size? Elin Electronics IPO size is ₹475 Cr. |
| What is Elin Electronics IPO Price Band? Elin Electronics IPO Price Band is ₹234 to ₹247. |
| What is Elin Electronics IPO Minimum and Maximum Lot Size? The minimum bid is 60 Shares with ₹14,820 amount while the maximum bid is 780 shares with ₹1,92,660. |
| What is the Elin Electronics IPO Allotment Date? Elin Electronics IPO allotment date is 27 December 2022. |
| What is the Elin Electronics IPO Listing Date? Elin Electronics IPO listing date is 30 December 2022. The IPO is to list on BSE and NSE. |
