Elin Electronics made an application to SEBI in November to raise about Rs 700 crore through an IPO. The IPO will have a new issue of Rs 175 crore.
Engineering component makers JK Files & Engineering Ltd and Delhi-based Elin Electronics Ltd have received approval from market regulator SEBI to launch their IPO.
Raymond, the promoter of JK Finals & Engineering, made an application to SEBI in December to raise about Rs 800 crore through IPO. Raymond owns 100% of the shares in the JK file. Raymond will sell some of his shares in the IPO sale offer.
SBI Capital Markets, Dam Capital Advisors and HDFC Bank are the book running lead managers of this issue.
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JK manufactures, sells and distributes file head tools, power tool accessories and power tool machine parts. Its subsidiary Ring Plus Aqua Limited manufactures auto parts and engineering products. This includes parts like ring gear, flex plate and water pump bearings.
Similarly, Elin Electronics had filed an application with SEBI in November seeking Rs 700 crore through IPO. In this IPO, there will be a new issue of Rs 175 crore and a sale offer of Rs 585 crore. Under this, the promoters and shareholders of the company will sell their shares.
The company will use Rs 80 crore from the IPO to repay its debt. As of September 2021, the company had a debt of Rs 127.51 crore. In addition, Rs 48.97 crore received from the offer will be used for upgrading and expansion of the company’s Verena units in Ghaziabad, Uttar Pradesh and Goa.
Axis Capital and JM Financial are the book-running lead managers of this IPO.