Consumer durables retail chain Electronics Mart India’s initial public offer (IPO) was subscribed 1.69 times on the first day of the offer on Tuesday. As per the data available with NSE, the IPO received bids for 10,58,09,796 shares as against 6,25,00,000 shares. The issue will close on Friday, October 7, 2022.
Retail individual investors (RIIs) were subscribed 1.98 times, while qualified institutional buyers (QIBs) were subscribed 1.68 times. The share of non-institutional investors got 1.04 times subscription on the first day of the issue.
Electronics Mart India IPO A fresh issue of equity shares consisting of aggregate 500 crore, no offer for sale component. Here is the price range for the offer 56-59 per share. The company has said in its draft IPO papers that it intends to use the net proceeds for its capital expenditure, supporting incremental working capital requirements and paying down debt and will also be used for general corporate purposes. .
According to market observers, Electronics Mart is commanding a premium or gray market premium (GMP) of India’s stock 35 in the gray market today. The company’s shares are expected to be listed on the stock exchanges on Monday, October 17, 2022.
Established in 1980, Electronics Mart India Limited (EMIL) was established by Pawan Kumar Bajaj and Karan Bajaj as a proprietary concern with a consumer durables and electronics store under the name Bajaj Electronics. As of August this year, the company had 112 stores in 36 cities.
Its multi-brand outlets operate under the Bajaj Electronics brand name in addition to two exclusive stores named ‘Kitchen Stories’, which cater to the specific needs of kitchens, and an exclusive store format under the name ‘Audio & Beyond’. which focuses on the high-end. Home audio and home automation solutions.
In FY22, the company’s revenue from operations grew by about 36% 4,349 crore from 3,201.8 crore in the same period last year, while net profit grew 77% to 104 crore 58.6 crore during the same period.
Anand Rathi Advisors, IIFL Securities and JM Financial are the Book Running Lead Managers for the initial share sale. KFin Technologies Limited is the Registrar of Public Issues.
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