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Elin Electronics IPO

The company is a leading electronics manufacturing services (EMS) provider of end-to-end product solutions and...

  • Status: Closed
  • RHP:
  • ₹ 14,040 / 60 shares

    Minimum Investment

IPO Details

  • Open Date

    20 Dec 2022

  • Close Date

    22 Dec 2022

  • Listing Date

    30 Dec 2022

  • IPO Price Range

    ₹ 234 to ₹ 247

  • IPO Size

    ₹ 475.00 Cr

  • Listing Exchange

    BSE, NSE

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IPO Timeline

Last Updated: 23 December 2022 12:31 AM by 5paisa

The company is a leading electronics manufacturing services (EMS) provider of end-to-end product solutions and is one of the largest fractional horsepower motors manufacturers in India. It's product portfolio includes LED lighting, fans and switches; small appliances; fractional horsepower motors; medical diagnostic cartridges; plastic moulded and sheet metal parts and components; and other miscellaneous products such as terminal block, stainless steel blade, die casting and radio sets.

EMS market in India is valued at Rs. 2,65,400 crores in 2021, and its estimated value by 2026 is Rs. 9,96,300 crores with a CAGR of 30.3%. Elin Electronics held a market share of 12 % in 2021. It is one of the key players in LED lighting and flashlight with EMS market share of ~7%, and also one of the key players in small appliances vertical with EMS market share of 10.7% in 2021. The company owns three manufacturing facilities strategically located in Ghaziabad (Uttar Pradesh), Baddi (Himachal Pradesh) and Verna (Goa). The large scale setup includes 149 units of molding machines and 105 units of power presses which enables bringing efficiencies and economies of scale.

The key customers by business verticals include:

•    LED lighting, fans and switches: Signify Innovations and Eveready.
•    Small appliances: Philips, Bosch, Faber, Panasonic and Usha.
•    Fractional horsepower motors: Havells, Bosch, Faber, Panasonic, Preethi (owned by Philips), Groupe SEB (Maharaja brand) and Usha.
•    Medical diagnostic cartridges: Molbio Diagnostics Private Limited.
•    Moulded and sheet metal parts and components: Denso and IFB.

 

Know About: Elin Electronics IPO GMP

Check out Elin Electronics IPO Web-stories

 

Profit and Loss

Balance Sheet

Particulars (in Rs. Crores) FY22 FY21 FY20
Revenue 1093.8 862.4 785.6
EBITDA 79.9 69.0 56.2
PAT 39.1 34.9 27.5
Particulars (in Rs. Crores) FY22 FY21 FY20
Total Assets 532.6 508.3 387.6
Share Capital 20.4 6.8 6.8
Total Borrowings 102.3 113.8 69.9
Particulars (in Rs. Crores) FY22 FY21 FY20
Net cash generated from / (used in) operating activities 51.3 -33.6 76.8
Net cash from / (used in) investing activities -27.8 -4.9 -42.4
Net cash flow from / (used in) financing activities -24.1 34.2 -28.4
Net increase (decrease) in cash and cash equivalents -0.7 -4.4 6.0

Peer Comparison

Name of the Company Total Revenue  Basic EPS NAV PE RoNW%
Elin Electronics Limite 1,094.67 9.59 74.2 NA 12.92%
Dixon Technologies (India) Limited 10,700.89 32.31 168.06 140.44 19.08%
United Breweries Limited 4,239.63 32.41 526.17 62.82 6.28%


Strengths

•    Has an established and strong hold on market position in key verticals including leadership in fractional horsepower motors
•    Diversified products resulting in a de-risked business model
•    Entrenched relationships with a marquee customer base
•    High degree of backward integration resulting in higher efficiencies, enhanced quality of products and customer retention capability
•    Consistent and strong track record of financial performance.

Risks

•    There is no guarantee that the firm can retain the business with its (new or existing) customers after completing contracts, adversely affect the profitability and results of operations.
•    The manufacturing facilities are critical to the business. Thus, any disruption in the continuous operations of them would have a material adverse effect on the business, and profitability.
•    If the firm fails to optimally utilise its well-versed backward integration to enhance and support the business, then reliance on third party suppliers may possibly cause delays in timelines and increase in input cost (on short notice). 
•    The EMS industry is rapidly changing and evolving. The company may fail to keep up with the latest trends and fail in adopting new ODM capabilities and technology.
•    The technical knowledge may not be adequately protected by intellectual property, but only by secrecy, which cannot keep things confidential for long and may lead to the firm losing out on its competitive edge.
•    The firm relies on third party transportation providers to supply most of the raw materials and deliver products to its customers, hence, there could possibly be failures in these continuous supply or delivery process in an efficient and reliable manner.

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FAQs

The price band of the IPO is set at Rs. 234 – Rs. 247 per share

The Elin Electronics IPO opens on 20th December, and the closes on 22nd December.

The IPO is divided into a fresh issue of shares worth Rs.175 crores and an offer for sale of up to Rs. 300 crores.

The allotment date of Elin Electronics IPO is set for 27th December.

The issue of Elin Electronics IPO’s will be listed on 30th December.

The Elin Electronics IPO lot size is 60 shares. A retail-individual investor can apply for up to 13 lots (780 shares or ₹192,660).

The net proceeds from the issue will be used for: 

•    The firm will use Rs.80 crores to repay debt and Rs.48.97 crore to upgrade and expand its existing facilities at Ghaziabad, Uttar Pradesh and Verna, Goa.
•    The net debt stands at Rs.127.51 crore.
 

To apply for the IPO, follow the steps given below

•    Login to your 5paisa account and select the issue in the current IPO section
•    Enter the number of lots and price at which you wish to apply for
•    Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange
•    You will receive a mandate notification to block funds in your UPI app

Elin Electronics is promoted by Mangi Lall Sethia, Kamal Sethia, Kishore Sethia, Gaurav Sethia, Sanjeev Sethia, Sumit Sethia, Suman Sethia, Vasudha Sethia and Vinay Kumar Sethia.

Axis Capital and JM Financial are the book running lead managers to the issue.