Amber’s IL JIN Electronics appoints bankers for proposed ₹3,500 crore IPO

IL JIN Electronics, Amber Enterprises India’s consumer-electronics manufacturing subsidiary, has appointed Axis Capital, Jefferies and Motilal Oswal for a proposed ₹3,500 crore IPO. The company is reportedly targeting draft filings soon and a listing by the end of FY27, with proceeds expected to support expansion in PCBs, industrial automation and consumer durables.

— Source publishedFri, 24 Jul, 2026, 18:35 IST·First seen Fri, 24 Jul, 2026, 18:42 IST·Source Mint · Companies

What happened

Amber Enterprises subsidiary IL JIN Electronics has appointed Axis Capital, Jefferies and Motilal Oswal for a proposed ₹3,500 crore IPO. The

Key facts

  • ₹3,500 crore proposed IPO size
  • 70% stake acquired by Amber for ₹55 crore in 2017
  • 90.2% Amber holding in FY25
  • ₹1,500 crore IPO target reported in July 2025
  • FY25 operating income of ₹1,782 crore
  • FY24 operating income of ₹913.4 crore
  • FY25 profit of ₹61.4 crore
  • FY24 profit of ₹8.5 crore
  • ₹1,750 crore 2025 fundraise
  • 30 manufacturing plants across eight states
  • ₹1,000 crore 2025 QIP

Why this matters

The banker appointments indicate IL JIN is formalising a sizable capital-raising plan, creating potential partnership, supplier and consolidation opportunities across India’s electronics components and contract-manufacturing ecosystem.

What to watch

  • Draft red herring prospectus timing, stated issue size and exact deployment of proceeds.
  • IL JIN revenue growth, EBITDA margin, return ratios, receivable days and operating cash-flow trend in FY26.
  • Order wins or customer contracts in PCBs, automation and non-air-conditioner consumer durables.
  • Capex commitments, plant additions, technology partnerships and evidence of capacity utilization.
  • Amber's consolidated leverage, related-party arrangements and the extent of parent funding before the IPO.
  • Indian IPO-market appetite and valuation benchmarks for EMS, electronics-components and contract-manufacturing peers.
  • Finalize IPO structure, including fresh-issue versus offer-for-sale mix, use of proceeds and any pre-IPO capital raise.
  • File draft offer documents after completing restated financials, governance upgrades and risk disclosures.
  • Accelerate investments or partnership discussions in PCB assembly, industrial automation, components and consumer-durable electronics.
  • Pursue longer-duration OEM contracts to support capacity utilization and strengthen the IPO equity story.
  • Separate IL JIN's operating and capital-allocation narrative more clearly from Amber Enterprises' broader manufacturing portfolio.

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