Amber Enterprises Subsidiary Il Jin Electronics Files DRHP for Rs 2500 Crore IPO
IL JIN Electronics (India) Limited, a material subsidiary of contract manufacturer Amber Enterprises India Limited, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹2,500 crore through an initial public offering (IPO).
The proposed offering consists entirely of a fresh issue of equity shares with no offer-for-sale (OFS) component, ensuring that the entirety of the net proceeds goes directly into the company’s balance sheet. In addition, the draft prospectus notes that the company may evaluate a pre-IPO placement of up to ₹500 crore; if executed, the fresh issue component will be reduced accordingly.
Objects of the Issue
The net proceeds from the public issue are slated primarily for debt reduction and capacity additions:
- ₹1,636 crore will be utilised for the repayment or prepayment of outstanding borrowings availed by the company and its subsidiaries, including Ascent Circuits and Shogini Technoarts.
- ₹189 crore is earmarked for capital expenditure towards the purchase of plant, machinery, and equipment for manufacturing operations.
- The remaining proceeds will be deployed toward general corporate purposes.
Total borrowings had climbed from ₹457.67 crore in FY24 to ₹1,107.09 crore by June 30, 2026, driven by acquisitions and capital expenditures. The debt repayment strategy will significantly curb finance costs and expand cash flow margins.
Business Operations and Footprint
Incorporated in 2001, IL JIN Electronics has evolved from basic printed circuit board assembly (PCBA) and box-build solutions into a vertically integrated electronics design and manufacturing services provider. Following acquisitions of Ascent Circuits and Shogini Technoarts, the company established a strong presence across four key verticals: Electronics Manufacturing Services (EMS), bare printed circuit board (PCB) manufacturing, power electronics, and industrial automation.
The company is currently India's largest bare PCB manufacturer by revenue, capturing an estimated 21% share of the domestic market. IL JIN operates 11 manufacturing facilities—10 across key manufacturing hubs in Uttar Pradesh, Maharashtra, Tamil Nadu, and Karnataka, alongside one international facility in Israel. Six additional facilities are under construction to expand domestic production capacity.
Financial Performance
IL JIN Electronics has seen strong top-line and bottom-line expansion over the last three financial years:
- Revenue from operations rose to ₹3,268.47 crore in FY26 from ₹1,240.41 crore in FY24. Total income for FY26 stood at ₹3,304.84 crore.
- Operating EBITDA jumped more than fourfold to ₹321.07 crore in FY26, compared to ₹71.42 crore in FY24.
- Profit after tax (PAT) nearly doubled to ₹128.16 crore in FY26 from ₹66.27 crore in FY25, up from ₹21.52 crore in FY24.
- For the first quarter ended June 30, 2026, the company posted a total income of ₹1,029.27 crore and a net profit of ₹55.69 crore.
The business mix has shifted considerably as higher-margin bare PCB manufacturing accounted for 25.60% of revenue in Q1 FY27, up from just 3.47% in FY24, helping EBITDA margins improve to 13.40%.
Lead Managers and Listing
The book-running lead managers appointed for the offering are Motilal Oswal Investment Advisors, Axis Capital, and Jefferies India, while KFin Technologies will act as the registrar to the issue. The equity shares will be listed on both the BSE and the National Stock Exchange of India (NSE).
