19% of investors subscribed on the first day of the auction for Elin Electronics

On December 20, the first day of bidding, 19% of Elin Electronics' initial public offering (IPO) was subscribed. To the offer's 1.42 crore shares, the issue received bids for 26.92 lakh.

High net worth individuals (HNIs) bid for 14% of the quota reserved for them, while retail investors purchased 32% of the total quota.

In contrast to the 40.59 lakh reserved shares for qualified institutional buyers (QIBs), 2,520 shares received bids from QIBs.

QIBs are eligible for 50% of the offer, HNIs are eligible for 15%, and regular investors are eligible for the remaining 35%.

After the business raised Rs 142 crore via anchor book on December 19 in advance of the IPO opening, the offer size was cut from 1.92 crore shares to 1.42 crore shares. The QIB component includes the anchor book.

Elin Electronics, one of India's top providers of electronics manufacturing services, was founded in 1969 and plans to raise Rs 475 crore through its first-ever public offering. The IPO consists of a fresh offering for Rs 175 crore and a promoters' offer to sell shares for Rs 300 crore.

The issue's price range was set at Rs 234–247 per share. At the issue's top price range, the implied market capitalization is Rs 1,226 crore.

Elin produces complete product solutions in India for well-known lighting, fan, and small kitchen appliance manufacturers. Additionally, it is among the biggest producers of fractional horsepower motors in India.

In addition to general corporate reasons, the company plans to use the proceeds from the new issue to pay off debt and expand the facilities it now has in Verna, Goa, and Ghaziabad, Uttar Pradesh.