Business News | Elin Electronics' Public Issue Subscribed 0.37 Times on Day 1
Get latest articles and stories on Business at LatestLY. The initial public offering (IPO) of Elin electronics was subscribed 0.37 times overall at the closing of Day 1 of the three-day public issue.
New Delhi [India], December 20 (ANI): The initial public offering (IPO) of Elin electronics was subscribed 0.37 times overall at the closing of Day 1 of the three-day public issue.
Today's subscription was driven mainly by retail and non-institutional investors, data showed.
Also Read | SA20 2023 To Have Rs 33.5 Crore As Prize Money for Inaugural Season.
Through the three-day initial public offering, Elin Electronics aims to generate proceeds worth Rs 475 crore from the public.
The share price band is kept in the range of Rs 234-247, with a bid size of 60 shares.
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.
Post the public subscription, the shares are expected to go live on stock exchanges on December 30, 2022.
Brokerage Prabhudas Lilladher Advisory Team gave "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 had said.
The brokerage said the large-scale setup includes 157 moulding machines, and 104 power presses helping them bring efficiencies and economies of scale. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)