Elin Electronics IPO subscribed 3 times on last day of offer

The Initial Public Offer (IPO) of electronics manufacturing services company Elin Electronics was subscribed 3.09 times on the last day of subscription on Thursday.

The initial share-sale received bids for 4,39,67,400 shares against 1,42,09,386 shares on offer, as per data available with the NSE.

The category meant for Qualified Institutional Buyers (QIBs) was subscribed 4.51 times, non-institutional investors received 3.29 times subscription and Retail Individual Investors (RIIs) 2.20 times.

The IPO had a fresh issue of up to Rs 175 crore and an offer for sale of up to Rs 300 crore, aggregating up to Rs 475 crore.

Price range for the offer was at Rs 234-247 a share.

The IPO of Elin Electronics was subscribed 95 per cent on the second day of subscription on Wednesday.

Delhi-based Elin is a manufacturer of end-to-end product solutions for major brands of lighting, fans, and small kitchen appliances, and a leading fractional horsepower motors manufacturer in the country.

Axis Capital and JM Financial were the managers to the offer.