Elin Electronics Makes Muted Market Debut; Shares Decline Nearly, 5 Pc Post Listing

Shares of electronics manufacturing services company Elin Electronics made a muted market debut on Friday, listing with a discount of nearly 2 per cent, against the issue price of Rs 247. The stock made its debut at Rs 243, a decline of 1.61 per cent against the issue price on the BSE. It later fell 4.75 per cent to Rs 235.25.

At the NSE, shares of the company made its debut at Rs 244, lower by 1.21 per cent. The company commanded a market valuation of Rs 1,175.43 crore on the BSE. The Initial Public Offer (IPO) of Elin Electronics was subscribed 3 times last week. 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. 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.

(PTI)