Wednesday, Dec 7 2022 | Time 22:25 Hrs(IST)
Business Economy

Electronics Mart IPO subscribed 71.94 times on final day

Hyderabad, Oct 7 (UNI) The Rs 500-crore initial public offering of Hyderabad-based consumer durable retail chain, Electronics Mart India Limited (EMIL), the 4th largest and one of the fastest growing consumer durables and electronics retailers in India, was subscribed 71.93 times on the final day of bidding on Friday.
The company fetched bids for 4,49,53,64,644 shares against the offered 6,25,00,000 equity shares offered in the issue, at a price band of ₹56-59, according to the data available on the stock exchanges.
Overall the issue was subscribed 71.93 times on the final day of bidding.
The qualified institutional buyer portion was subscribed 169.54 times. The reserved portion of non-institutional investors witnessed a subscription of 63.59 times. Retail Portion saw a subscription of 19.71 times. The issue kicked off for subscription on October 04.
The offer consists of a fresh issue of equity shares aggregating to Rs 500 crore, with no offer for sale 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 and prepayment of Rs 50 crores of its debt besides general corporate purposes.
EMIL, was founded by Pavan Kumar Bajaj and Karan Bajaj as a proprietary concern with a consumer durable and electronics store under the name of ‘M/s Bajaj Electronics’.
As on August 31, 2022 , it had 112 stores across 36 cities / urban agglomerates, supported by a strong workforce of 2,091 professionals.
Its multi-brand outlets operate under the brand names of Bajaj Electronics other than two specialized stores under the name of Kitchen Stories catering to kitchen specific requirements. It is also in the process of setting up another such niche outlet under the name of Audio & Beyond catering to high end audio and home automation solutions.
It aims to continue to deepen their store network in their existing clusters to increase the market share in Telangana and Andhra Pradesh.
It also intends to open and build the store network in the NCR by opening 26 MBOS with the proceeds of the IPO.
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