The grey market premium dropped sharply to as low as ₹1 today.
The initial public offering (IPO) of Elin Electronics was subscribed 3.09 times on the final day of bidding on Thursday.
The initial share sale got bids for 4,39,67,400 shares against 1,42,09,386 shares on offer by 5 pm today, as per BSE data. The quota for retail individual investors (RIIs) was subscribed 2.20 times, the non-institutional investors (NIIs) portion received 3.29 times subscription and qualified institutional buyers (QIBs) got 4.51 times subscription.
The electronics manufacturing services (EMS) provider has reserved half of its offer size for QIBs, 15% for NIIs and the remaining 35% for retail investors.
The price range fixed for the IPO is between ₹234-₹247 per share. Elin Electronics is looking to raise ₹475 crore through the IPO, which comprises a fresh issue of ₹175 crore and an offer for sale of ₹300 crore by promoters.
The allotment status of the Elin Electronics IPO will be released once the bidding process ends. The report is likely to be finalised on December 27, 2022. The shares of the company are expected to make their market debut on stock exchanges next week on Friday, December 30, 2022.
Elin Electronics’ secured a grey market premium (GMP) of around ₹1 today, down from ₹30 on Wednesday and above ₹40 level in the last few days, which implies that the grey market expects a muted listing for the company.
The company manufactures and assembles a wide array of end-to-end product solutions for major brands of lighting, fans, and small kitchen appliances in India. It is one of the largest manufacturers of fractional horsepower motors in India.
