Electronics manufacturing services (EMS) provider Elin Electronics has set a price range of Rs 234-247 per share for its initial public offering. The issue will be published December 20-22.

At the upper end of the price range, the EV-to-EBITDA ratio is 14.39, the EV-to-net sales ratio is 1.05, and the P/E ratio is 25.76.

The company has cut the IPO size to Rs 475 crore from Rs 760 crore. This issue includes new issues of Rs 175 crore and offers of up to Rs 300 crore.

According to the IPO prospectus, proceeds from the offering worth Rs 88 crore will be used to repay debt, while Rs 37.59 crore will be used for capital expenditure to upgrade and expand facilities in Uttar Pradesh and Ghaziabad, Goa. The company has a net debt of Rs 102.42 crore as of September 2022.

The company reported revenue of Rs 1,093.75 crore for fiscal 2022, compared to Rs 862.38 crore a year ago. Full-year net profit was Rs 39.15 crore compared to Rs 34.86 crore last year.

The company is a leading electronics manufacturing services (EMS) provider. It provides end-to-end product solutions to primary lighting, fan and kitchen appliance brands in India. It is also one of the largest manufacturers of fractional horsepower motors in India.