Elin Electronics IPO subscribed 3.06 times on final day of offer

22 Dec 2022 , 04:15 AM

The initial public offer (IPO) of Elin Electronics sails through on the final day of the issue. The company received decent demand from the investors on the third day and was subscribed 3.06 times by 04:00 PM.

As per the BSE data, company has received bids for 4,34,16,900 compared to 1,42,09,386 equity shares on offer by 04:00 PM on Thursday, December 22. 

The quota for retail bidders was booked 2.13 times, whereas the allocation for non-institutional investors (NIIs) fetched 3.28 times subscription. The portion for qualified institutional bidders (QIBs) was booked 4.51.

The company is selling its shares at the price band of Rs 234-247 per share from December 20 to December 22. The offer consists of fresh issue of equity shares worth Rs 175 crore, and an offer for sale (OFS) of Rs 300 crore. It has reserved 50% of shares for QIB, 15% for NIIs and rest 35% for retail investors.

The company will finalise share allotment on December 27 and will list on stock market on December 30.