IL Jin Electronics files DRHP for Rs 2,500 crore IPO

⚡ Key Financial Takeaways

IL Jin Electronics aims to raise up to Rs 2,500 crore through an entirely fresh issue of equity shares.

The company reported a 49% increase in revenue to Rs 3,268.5 crore in FY26, with profits nearly doubling to Rs 128.2 crore.

Rs 1,636 crore of the net proceeds is earmarked for debt repayment, while Rs 189 crore will fund plant and machinery purchases.

Promoters, including Amber Enterprises and Raptor Investments, hold a combined 75.71% stake prior to the IPO.

The company operates 11 manufacturing facilities and competes with listed peers like Dixon Technologies and Kaynes Technology.

💡 Why It Matters

This IPO is significant as it brings a major player in the electronics manufacturing services (EMS) and PCB sector to the public markets. With a substantial portion of proceeds dedicated to debt repayment, the move could strengthen the company's balance sheet, potentially improving margins and financial flexibility. As India pushes for domestic manufacturing in electronics, the performance of IL Jin Electronics will serve as a key indicator of the sector's growth trajectory.

IL Jin Electronics Seeks Rs 2,500 Crore via Fresh Issue

IL Jin Electronics (India), a precision electronics manufacturing services provider and subsidiary of room air conditioner maker Amber Enterprises, has filed preliminary documents with the Securities and Exchange Board of India (SEBI) to raise up to Rs 2,500 crore. The proposed Initial Public Offering (IPO) consists entirely of a fresh issue of equity shares.

According to the draft red herring prospectus (DRHP) filed on November 6, the company may also explore a pre-IPO placement of Rs 500 crore before filing the final Red Herring Prospectus with the Registrar of Companies. If this pre-IPO route is pursued, the size of the fresh issue in the main IPO will be reduced by the amount raised through the placement.

Financial Performance and Growth

The company has demonstrated significant financial momentum in recent periods. For the financial year ended March 2026 (FY26), IL Jin Electronics reported a revenue surge of 49 percent to Rs 3,268.5 crore, up from Rs 2,193.7 crore in the previous fiscal year. Consequently, the company's profit nearly doubled, reaching Rs 128.2 crore compared to Rs 66.27 crore in the prior year.

Momentum continued into the current fiscal year, with the company reporting a profit of Rs 55.7 crore on revenue of Rs 984.8 crore for the quarter ended June 2026.

Use of Proceeds and Business Profile

IL Jin Electronics claims to be India's largest printed circuit board (PCB) manufacturer in terms of revenue for FY26. The company operates across four business verticals: electronics manufacturing services (including PCB assembly and box-build solutions), bare PCB manufacturing, power electronics, and industrial automation. It maintains 11 manufacturing facilities, one of which is located in Israel.

The company has outlined a specific allocation for the net proceeds from the IPO: * **Debt Repayment:** Rs 1,636 crore. * **Capital Expenditure:** Rs 189 crore for the purchase of plant, machinery, and equipment. * **General Corporate Purposes:** The remaining amount.

Ownership and Competition

At the time of filing the draft papers, promoters held a 60.34 percent stake in the company, while public shareholders owned the remaining 39.66 percent. Notably, Raptor Investments holds a 15.37 percent stake. The company competes in the electronics manufacturing space with several listed entities, including Dixon Technologies, Kaynes Technology, Syrma SGS Technology, Avalon Technologies, and Cyient DLM.

Motilal Oswal Investment Advisors, Axis Capital, and Jefferies India have been appointed as merchant bankers for the IPO.

🏛️ Background & Context

IL Jin Electronics is a subsidiary of Amber Enterprises, a well-known Indian consumer electronics company. The company's claim to being the largest PCB manufacturer by revenue in India positions it as a critical supplier in the global and domestic electronics supply chain. The appointment of major investment banks like Jefferies and Motilal Oswal suggests strong institutional interest in the deal.

👁️ What To Watch Next

Readers should watch for the finalization of the pre-IPO placement, which could alter the final size of the public offering. Additionally, the final pricing of the IPO and the lock-in period for promoters and Raptor Investments will be key factors for investors. Future quarterly results will also be important to assess if the company can sustain its high growth rates.