The company has worked with several consumer electronics and appliances brands for LED lighting, fans and switches
Elin Electronics Limited, a electronics manufacturing services company, has filed Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for an Initial Public Offering (IPO). Axis Capital Limited, and JM Financial Limited are the book running lead managers to the IPO.
The company’s IPO comprises equity shares of face value of Rs 5 each comprising a fresh issue aggregating up to Rs 175 crore, and an offer for sale of up to Rs 585 crore. Individual promoters of the company including Kamal Sethia, Kishore Sethia, Gaurav Sethia, Sanjeev Sethia, Sumit Sethia, Suman Sethia, Vasudha Sethia and Vinay Kumar Sethia combined, hold around 38.69 per cent while Oother selling shareholders own 52.51 per cent stake in the company.
The Offer for Sale comprises up to Rs 32.10 crore by Kamal Sethia, up to Rs 52.50 crore by Kishore Sethia, up to Rs 47.40 crore by Gaurav Sethia, up to Rs 13.20 crore by Sanjeev Sethia, up to Rs 12.50 crore by Sumit Sethia, up to Rs 57 crore by Suman Sethia, up to Rs 15.60 crore by Vasudha Sethia and up to Rs 9.1 crore by Vinay Kumar Sethia, and up to Rs 345.60 crore by Other selling shareholders.
Elin plans to use the proceeds from fresh issue (Rs 80 crore) to repay/prepay debt, Rs 48.97 crore for funding capital expenditure for upgrading and expansion of existing plants in Ghaziabad, Uttar Pradesh and Verna, Goa besides general corporate purposes.
The company has worked with several consumer electronics and appliances brands for LED lighting, fans and switches such as Signify Innovations and Eveready; for Small appliances such as Philips, Bosch, Faber, Panasonic and Usha; for fractional horsepower motors such as Havells, Bosch, Faber, Panasonic, Preethi (owned by Philips), Groupe SEB (Maharaja brand) and Usha; as well as for Medical diagnostic cartridges and for Moulded and sheet metal parts and components makers.
