Elin Electronics | IPO comprises a fresh issue of shares worth Rs 175 crore, and offer for sale of Rs 585 crore by several selling shareholders.
Elin Electronics, a leading electronics manufacturing services provider, has filed draft red herring prospectus (DRHP) with the capital markets regulator Sebi to raise funds via initial public offering (IPO).
The company is planning to mop up Rs 760 crore through its offer that comprises a fresh issue of shares worth Rs 175 crore, and offer for sale (OFS) of Rs 585 crore by several selling shareholders, including promoters Kamal Sethia, Kishore Sethia, Gaurav Sethia, Sanjeev Sethia, Sumit Sethia, Suman Sethia, Vasudha Sethia, and Vinay Kumar Sethia.
The net proceeds from fresh issue will be utilised for repaying debts, and capital expenditure towards upgrading and expanding existing facilities at Ghaziabad (Uttar Pradesh) and Verna (Goa), besides general corporate purposes, as per the prospectus.
Elin Electronics provides manufacturing services for major brands of lighting, fans, and small/ kitchen appliances, and is one of the largest fractional horsepower motors manufacturers in India, serving under both original equipment manufacturer (OEM) and original design manufacturer (ODM) business models.
It is is one of the key players in LED lighting and flashlight with EMS (electronics manufacturing services)
