Elin Electronics IPO subscribed 89% on day 2

21 Dec 2022 , 05:05 PM

Elin Electronics IPO had been subscribed 89% on the day 2 of the offer by 4:30 PM.

Retail investors have fully subscribed the quota allocated to them by buying 127% of reserved shares. High-networth individuals (non-institutional investors) had picked 119% of their quota. Qualified institutional buyers had subscribed only 1% of the shares reserved for them. 

The company has reserved 50% of shares for qualified institutional buyers (QIBs), whereas 15% shares are reserved for non-institutional investors (NIIs). The remaining 35% will be allotted to retail investors.

Elin Electronics is a manufacturer of fractional horsepower motors, lighting, fans and small/ kitchen appliances, etc, for leading brands in India. Elin manufactures and assembles a wide range of products.