Electronics Mart India Listing: Shares Rise 52.5% on Debut; Should You Buy, Sell or Hold?
Last Updated: October 17, 2022, 09:59 IST
Electronics Mart India Share Price on NSE, BSE: Electronics Mart India made its D-street debut today. Shares of Electronics Mart India Ltd listed at Rs 90 apiece on the NSE, a premium of more than 52 per cent as compared to its IPO issue price of Rs 59 per share.
The maiden public issue of Electronics Mart India was subscribed 71.93 times during October 4-7, with qualified institutional buyers buying 169.54 times the allotted quota. Retail and non-institutional investors also remained aggressive, putting in bids 19.71 times and 63.59 times the portion set aside for them.
The IPO comprises a fresh issue of equity shares aggregating to Rs 500 crore, with no offer for sale (OFS) component. The company intends to utilise the net proceeds to fund its capital expenditure and incremental working capital requirements to the extent of Rs 133.8 crore and Rs 200 crore respectively, repayment/prepayment of Rs 50 crore of its debt besides general corporate purposes. Anand Rathi Advisors Limited, IIFL Securities Limited and JM Financial Limited are the book-running lead managers to the issue and KFin Technologies Limited is the registrar to the offer.
Electronics Mart India (EMIL) was founded by Pavan Kumar Bajaj and Karan Bajaj as a proprietary concern with a consumer durables and electronics store under the name of Bajaj Electronics. Its multi-brand outlets operate under the brand name Bajaj Electronics other than two specialised stores under the name ‘Kitchen Stories’, catering to kitchen specific-requirements and one specialised store format under the name ‘Audio & Beyond’, focusing on high-end home audio and home automation solutions.
Its multi-brand outlets operate under the brand name Bajaj Electronics other than two specialised stores under the name ‘Kitchen Stories’, catering to kitchen specific-requirements and one specialised store format under the name ‘Audio & Beyond’, focusing on high-end home audio and home automation solutions.
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