Elin Electronics makes muted market debut; shares settle nearly 8% lower

Shares of electronics manufacturing services company Elin Electronics made a muted market debut on Friday and ended nearly 8 per cent lower 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. During the day, it fell 8.66 per cent to Rs 225.60. Shares of the company ended at Rs 227.80, lower by 7.77 per cent.

At the NSE, the share of the company made its debut at Rs 244, lower by 1.21 per cent. It ended with a decline of 7.18 per cent at Rs 229.25.

The company commanded a market valuation of Rs 1,131.24 crore on the BSE.

In traded volume terms, 6.75 lakh shares of the company were traded at the BSE and over 80.19 lakh shares on the NSE during the day.

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.

The price range for the offer was 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.