DELHI — Electronic manufacturing services company Elin Electronics is set to open its IPO on Dec. 20, with shares being sold at a price of Rs 234-247 (US $2.83-2.98).

The company aims to raise ₹475 crore ($57 million) from its public issue, with planned proceeds being used to repay debt, fund capital expenditure for upgradation and expansion of existing plants in Ghaziabad, Uttar Pradesh and Verna, Goa and for general corporate purposes.

Incorporated in 1969, Elin Electronics is a leading electronics manufacturing services provider. It manufactures and assembles a wide array of products and provides end-to-end product solutions. The company reported revenues of Rs 1093.75 crore ($132 million) for FY 2022.