DELHI – Electronics manufacturer Elin Electronics has filed for an initial public offering.

The company’s IPO comprises equity shares of face value of Rs 5 (US$0.067) each, comprising a fresh issue aggregating up to Rs 1.75 billion, and an offer for sale of up to Rs 5.85 billion.

Currently, eight individual promoters hold 38.69% and other selling shareholders own 52.51% stake in the company.

Proceeds from the fresh issue will be used to the extent of Rs 800 million to repay/prepay debt and Rs 489.7 million for funding capital expenditure for upgrading and expanding existing plants.

Revenues from operations increased 9.8% year-over-year to Rs 8.6 billion in fiscal 2021 primarily due to increased consumer purchases of home and personal appliances aided by the relaxation of Covid-19-led restrictions. Net profit grew 26.8% to Rs 348.6 million for fiscal 2021.

Ed.: Rs 1 = US$0.013

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