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Reliance Securities' IPO Report
Elin Electronics Ltd. was incorporated in 1969 and is one of India's leading electronics manufacturing services provider. It manufacturers end-to-end product solutions for major brands of lighting, fans, and small kitchen appliances in India.
Moreover, it is one of the largest fractional horsepower motors manufacturers in India.
Elin Electronics also has a centralized research and development centre in Ghaziabad (Uttar Pradesh), focusing on the research and development of all aspects of original equipment manufacturer and original design manufacturer models including concept sketching, design refinement, generating optional features and testing.
The facility is recognised by the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India.
During FY20-22, its revenue and profit after tax clocked compound annual growth rate of 18% and 19% respectively, while Ebitda margin remained flat at ~7.1% during FY20-22. The company reported revenue of Rs 10.9 billion in FY22, up 27% YoY, while Ebitda increased to Rs 790 million in FY22 from Rs 665 million in FY21.
Elin Electronics is coming out with an initial public offering comprising of fresh issue of ~7.1 million shares and offer for sale of ~12.1 million shares, aggregating to a total of Rs 47.5 billion.
The company will utilise the funds for repayments, capex requirements and general corporate purposes.
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