Elin Electronics pre-IPO lock-in ends; stock zooms

Newly-listed Elin Electronics' shares were in high demand on Tuesday, breaking out of a three-day losing streak, as a pre-IPO lock-in period drew to a close. The stock of Elin Electronics — a provider of electronics manufacturing services — gained by as much as Rs 14.5 or 8.8 per cent to Rs 179 apiece on BSE, having declined 2.7 per cent in the past three sessions. 

What is IPO lock-in?

An IPO lock-in period — also known as anchor investors' lock-in — is a period of time for which shareholders are restricted from selling their shares. 

The purpose of this mechanism is to protect the interest of smaller investors. 

Elin Electronics IPO details

The initial public offering (IPO) of Elin Electronics was subscribed 3.09 times overall at the closing of its three-day public issue.

The overall subscription was driven by retail, non-institutional, and qualified institutions, data showed.

Shares of Elin Electronics made a weak debut on the exchanges on December 30, 2022. The company got listed at a discount of 1.21 per cent at Rs 244 on NSE, against its issue price of Rs 247 apiece. On BSE, the shares got listed at Rs 243, down by 1.62 per cent from the issue price.

Also Read: Elin Electronics Share Price Listing NSE, BSE: Shares fall over 5% after negative stock market debut | Check stop loss by Anil Singhvi

What does Elin Electronics do?

Elin Electronics, a flagship company of Elin Group, was established in 1969 in National Capital Region. 

It offers various products and services to its original equipment manufacturers (OEMs) customers, including electronic manufacturing services, design, and manufacturing of electric motors, lighting products, and automotive components.

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