Amber Enterprises-owned IL JIN Electronics picks bankers for ₹3,500 crore IPO
IL JIN Electronics is expected to file its draft papers soon and is targeting a listing by the end of 2026-27.
Summary
IL JIN Electronics is expected to file its draft papers soon and is targeting a listing by the end of 2026-27.
IL JIN Electronics, a subsidiary of Amber Enterprises India Ltd, is seeking to raise ₹3,500 crore through an initial public offering (IPO) and has appointed Axis Capital Ltd, Jefferies and Motilal Oswal Financial Services Ltd as advisors for the listing, according to three people close to the development.
The electronics manufacturing firm is expected to file its draft papers soon and is targeting a listing by the end of 2026-27, the people said. The issue is likely to have a larger primary along with a secondary share sale, they added.
Incorporated in 2001, the company is engaged in the assembly of printed circuit board assemblies and the manufacturing of box‑build units. It caters to a wide range of applications, including air conditioners, washing machines, microwave ovens, automotive electronics, and energy meters, and produces box units for smartwatches, True Wireless Stereo devices, and set‑top boxes. It also operates manufacturing facilities in Chennai and Greater Noida.
Amber Enterprises initially acquired a 70% stake in IL JIN for ₹55 crore in 2017 and subsequently increased its holding to 90.2% in FY25 through a combination of debenture conversion and secondary share purchases, Icra noted in a report earlier this year.
Under Amber’s ownership, the company has expanded its presence across the electronics manufacturing services value chain, including bare printed circuit board (PCB) manufacturing and other technology‑driven verticals, supported by targeted inorganic growth initiatives.
In July 2025, Moneycontrol reported that IL JIN had hired investment banks Nuvama, Ambit Capital, DAM Capital, and Motilal Oswal for an IPO to raise up to ₹1,500 crore.
IL JIN, Amber, Axis, Jefferies and Motilal Oswal haven't responded to Mint’s requests for a comment.
Inorganic expansion
Its market position is expected to improve further with the acquisition of a majority stake in Power-One Micro Systems Pvt. Ltd and a controlling stake in Unitronics. The acquisitions will help it expand into the industrial segment under the electronics division and benefit from robust forward integration in existing operations.
IL JIN’s revenue profile is fairly well diversified, with 45-50% derived from the consumer durables segment, 15-18% each from smartwatches and automobiles, around 11% from telecom, and the balance from defence, energy, and industrial applications.
Icra noted that the group continues to strengthen its diversification through targeted acquisitions in areas such as PCB manufacturing, solar inverters, and industrial automation, which is expected to broaden its sectoral presence.
In FY25, the company reported an operating income of ₹1,782 crore as compared to ₹913.4 crore a year ago. Its profit also widened to ₹61.4 crore from ₹8.5 crore in FY24.
In 2025, its capital structure was strengthened further following the ₹1,750 crore fundraise led by ChrysCapital, along with participation from InCred, Singularity Equity Fund, Axis New Opportunities AIF, Nuvama Crossover Opportunities Fund, and Avendus Future Leaders Fund.
Meanwhile, Gurugram-based Amber Group, incorporated in 1990, is one of India’s largest contract manufacturers of room air conditioners (RACs) and caters to leading brands such as Voltas, Blue Star, LG, Panasonic and Daikin.
With about 30 manufacturing plants across eight states, Amber has diversified into induction motors, printed circuit board assembly, roof-mounted AC units for mobility applications and injection moulding for refrigeration and automobile components through strategic acquisitions and organic expansion.
In 2025, Amber concluded a ₹1,000 crore qualified institutional placement from major investors such as Nomura India Investment Fund, HDFC, Allianz Global Investors, and Invesco India. The QIP, coupled with its part stake sale in IL JIN’s potential listing, is part of its efforts to raise capital towards expansion plans.
About the Authors
Priyamvada C
Priyamvada is a Mumbai-based business journalist at Mint. She writes about the public and private markets with a key focus on venture capital, private equity, M&As and private credit. Her coverage also spans startups and emerging businesses.
Over the last two years, she has uncovered some of the largest deals and interviewed important decision-makers from India’s investment ecosystem. She likes to dabble across different formats like long forms and explainers. Her work has been consistently displayed on the publication's deals page, and she has also written multiple front-page stories.
Prior to joining Mint in 2024, she worked out of Reuters’ Bengaluru bureau where she extensively covered the travel, transportation, and logistics industries. Across both her stints, Priyamvada has displayed rigour for breaking news and analyzing interesting data-driven trends. She holds a postgraduate diploma from the Asian College of Journalism's Bloomberg programme. In her free time, she enjoys reading books and trying out different cuisines. She is keen to delve deeper into the various sectors she covers and is always up for a chat. You can reach out to her at priyamvada.c@livemint.com.
Agnidev Bhattacharya
Agnidev is a business journalist with over two years of reporting experience tracking the intersection of capital, policy, and corporate strategy in India.
He joined Mint in December 2025, after a stint at NDTV Profit (erstwhile BQ Prime). At Mint, Agnidev focuses on the high-stakes world of the Indian capital market, specialising in mergers and acquisitions, burgeoning IPOs, and the investment banking industry.
Backed by a rigorous, data-driven approach, Agnidev frequently breaks news on the valuation cycles, deal pipelines and listing strategies of India’s most prominent companies. His reportage offers deep dives into the operational health of market leaders across the corporate landscape, providing readers with a clear-eyed view of institutional growth.
He has reported on major issues like India's derivatives frenzy, IPO froth, the competitive quick commerce industry, the real-money gaming ban, and has broken investigative stories related to scandals such as IndusInd Bank's accounting manipulation and the Gensol-BluSmart fiasco.
As a reporter, he brings stories that ultimately affect your stock market investments, and tries to bring clarity and brevity in a field that is often filled with jargon and noise.
Source: Livemint — Companies
