IL JIN Electronics (India) Ltd, the printed circuit board and electronics manufacturing arm of air conditioner maker Amber Enterprises India Ltd, has filed draft papers with the Securities and Exchange Board of India to raise Rs 2,500 crore through an initial public offering, according to the draft red herring prospectus dated November 6.
The offer is entirely a fresh issue of equity shares, with no offer for sale component. Every rupee raised goes to the company rather than to Amber or the other existing shareholders, whose holdings will simply be diluted by the new shares.
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The objects clause names three uses. The first is repayment or prepayment of borrowings, including accrued interest, at the company and at two subsidiaries, Ascent Circuits and Shogini Technoarts. The second is plant, machinery and equipment for the manufacturing units. The third is general corporate purposes.
The detail worth pausing on is where that debt sits: at two subsidiaries and not at the parent. A group that loads borrowings into the units it is listing, rather than into the parent, is asking the public market to deleverage those units.
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What IL JIN Electronics Makes
The company runs four verticals: electronics manufacturing services, bare printed circuit board manufacturing, power electronics and industrial automation. It operates 11 manufacturing facilities, 10 in India and one in Israel, across Noida and Greater Noida in Uttar Pradesh, Pune in Maharashtra, Chennai and Hosur in Tamil Nadu, and Bengaluru in Karnataka. Six more facilities are under construction.
The company’s own site, IL JIN Electronics, describes more than two decades in high precision circuit boards, board assembly and box build work for consumer electronics, automotive, telecom, healthcare, industrial, aerospace and renewable energy customers.
The Numbers Behind The Ask
Revenue from operations rose to Rs 3,268.47 crore in FY26 from Rs 1,240.41 crore in FY24, the two years the DRHP reports. That works out to a compounded annual growth rate of 62.3 per cent, our arithmetic on the two disclosed figures.
Operating profit grew faster still. EBITDA moved from Rs 71.42 crore in FY24 to Rs 321.07 crore in FY26, taking the margin from 5.8 per cent to 9.8 per cent, roughly 400 basis points in two years.
Measured against that base, the fresh issue is worth about 0.76 times FY26 revenue. The DRHP carries no price band, so the valuation and the earnings multiple the offer finally prices at cannot be derived from the draft.
A Smaller Issue Than The Street Expected
The size is a step down from what was reported earlier. When the company appointed bankers in July, Livemint reported a Rs 3,500 crore offering, Venture Intelligence carried the same figure that week, and IPO Watch repeated Rs 3,500 crore as recently as November 5. The draft filed a day later asks for Rs 2,500 crore, about 29 per cent less.
There are two ordinary explanations and the filing picks neither. Either the company needs less than it first scoped, or the bankers concluded the market would not absorb that much paper at a valuation the promoters would accept.
The Risks And The Open Questions
Two things in the draft will decide how the issue is read. The first is customer concentration. An electronics manufacturer growing at this pace usually rides a small number of large programmes, and the risk factors will show how much of FY26 revenue came from the top five clients.
The second is the plant mix. One of the 11 facilities is in Israel, and the split of capacity and revenue between the Indian sites and that one is not something the headline numbers answer. The six units under construction raise a related question: if the listing slips, that capex has to be funded on the same balance sheet the offer is meant to deleverage.
What To Watch Before The Price Band
The editorial read is this. India’s electronics story has spent a decade at the assembly end, putting together phones, laptops and air conditioners from imported components. A board business carrying a 9.8 per cent operating margin and filing for Rs 2,500 crore shows that the layer underneath can now raise growth capital on its own, without a consumer brand attached to it.
The size cut is the signal for the rest of the pipeline. A company that could credibly have asked for Rs 3,500 crore asked for Rs 2,500 crore instead, in a Samvat that has just set a record for IPO fundraising. If the same caution shows up in the price band, this will be a sensibly priced issue.
