Elin Electronics lists at 1.62% discount

• ByStartupStory     |    December 30, 2022

Shares of Elin Electronics, manufacturing services provided, debuted on the stock market at a 1.62% discount to the issue price of 247 per share.Despite the positive opening of Indian benchmark indices, the stock was listed at a 4 per share discount. The 30-stock index Sensex opened 0.41% higher at 61,383, while the 50-stock index Nifty50 opened 0.3% higher at 18,245.

According to BSE data, Elin Electronics’ market capitalisation is currently Rs 1,206 crore.

The initial public offering (IPO) of Elin Electronics was subscribed to 3.09 times. The initial share sale received bids for 4,39,67,400 shares versus the offer of 1,42,09,386 shares.

The majority of brokerage firms were positive about the issue and recommended that investors subscribe to it, citing strong financials, a strong business model, and attractive valuations.

The IPO of the Kolkata-based electronics manufacturing services provider included a fresh issue of up to Rs 175 crore in shares and an offer for sale by promoter entities and other shareholders worth up to Rs 300 crore. The share’s face value is Rs 5 per share.

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