IL JIN Electronics (India), an Amber Enterprises subsidiary, has filed draft papers for an initial public offering of up to ₹2,500 crore. The proposed issue consists entirely of new shares, with no offer for sale by existing shareholders.
The allocation tells the more useful story. IL JIN plans to put ₹1,636 crore towards repayment or prepayment of borrowings and accrued interest, compared with ₹189 crore for plant, machinery and equipment. Debt reduction would account for about 65.4% of the maximum proposed fundraise.
The Breakdown
The debt allocation covers IL JIN and two subsidiaries, Ascent Circuits and Shogini Technoarts. The equipment allocation is for IL JIN's manufacturing units. General corporate purposes form the third use of funds, but that amount and the issue expenses have not been finalised.
These figures should not be read as a complete spending split. The ₹2,500 crore is the proposed gross raise; net proceeds will be lower after issue expenses. General corporate purposes are capped at 25% of gross proceeds, and the final allocations will be updated as the issue progresses.
An all-fresh issue means the company receives the proceeds, rather than selling shareholders receiving payment for existing shares. It still expands the share count and dilutes existing holders. The eventual valuation and ownership percentages depend on pricing and the final issue size.
A larger, broader electronics business
IL JIN operates across electronics manufacturing services, bare printed circuit boards, power electronics and industrial automation. It has 11 manufacturing facilities, including 10 in India and one in Israel, with six more under construction.
Revenue from operations reached ₹3,268.47 crore in FY26, up from ₹2,193.73 crore in FY25. Profit after tax increased to ₹128.16 crore from ₹66.27 crore. The company-defined operating EBITDA margin rose to 8.91% from 6.92%.
The group has also expanded through acquisitions. Its consolidated growth therefore should not be treated as a like-for-like measure of organic expansion. New businesses change both the scale of revenue and the mix of products, customers and costs.
Two operating measures deserve attention alongside the growth. The top 10 customers contributed 60.78% of FY26 revenue, down from 75.44% in FY25. That reduces concentration, although a relatively small customer group still supplies most of annual sales.
Meanwhile, IL JIN's net working-capital measure rose to 79 days from 37 days. This company-defined measure uses period-end receivables and inventories, less trade payables and supplier-finance arrangements, against revenue. The increase points to more cash being tied up in the operating cycle relative to sales, even as reported profitability improved.
What comes next
The November 6 draft also permits a pre-IPO placement of up to ₹500 crore. If completed, the amount raised would reduce the fresh issue. It is an option, not a completed fundraise.
The draft does not set a price band or bidding dates. Filing papers is an early step in the offering process, not regulatory endorsement or a completed listing.
The Crunch
IL JIN's proposed IPO pairs a fast-growing electronics business with a substantial balance-sheet exercise. The largest identified use of money is debt repayment, while a smaller allocation goes directly to equipment. The next questions are the final pricing, the scale of debt actually retired and whether a larger manufacturing group can turn its sales growth into stronger cash generation.
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