Elin Electronics Ltd, one of the largest fractional horsepower motors manufacturers in the country, listed on the bourses at discount on Friday.
On the BSE, the stock was listed at ₹243, 1.62 percent lower than the issue price, and on the NSE, the was listed at ₹244 per share, 1.21 percent lower than the issue price.
At 10:10 IST, the shares of the company were trading at ₹237.90 apiece, down 3.68 percent, on the BSE. The stock recorded a high of ₹244.75, and a low of ₹236.50.
The public issue that opened for subscription on December 20, closed on December 22. On the final day, the issue was fully booked by qualified institutional buyers, non-institutional investors and retail investors.
The company fixed the price band at ₹234 to 247 per equity share.
The public issue with a face value of ₹5 per equity share comprises of a fresh issue of shares worth ₹175 crore and an offer for sale of shares worth ₹300 crore by existing shareholders.
According to the red herring prospectus (RHP), proceeds of the fresh issue will be utilised for the purpose of repayment or prepayment of loans, funding capital expenditure towards upgrading and expanding their existing facilities in Ghaziabad and Verna, and to meet the general corporate expenses.
Axis Capital Limited and JM Financial Limited are the book running lead managers to the issue.
