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Electrifying end to Electronics Mart IPO subscribed 71.93 times on final day

Non-institutional investors' reserved part was subscribed to 63.59 times. Retail Portion was subscribed to 19.71 times.

The Hyderabad-based consumer durable retail chain Electronics Mart, the fourth largest and one of India’s fastest growing consumer durables and electronics shops.

Received bids of 4,49,53,64,644 shares against the offered 6,25,00,000 equity shares at a price range of 56-59, according to stock exchange statistics. Overall, the issue was well received.71.93 times on the final day of bidding.

On Tuesday, October 4, the issue went on sale for subscription. The qualified institutional buyer component received 169.54 subscriptions.

Non-institutional investors’ reserved part was subscribed to 63.59 times. Retail Portion was subscribed to 19.71 times.

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 utilize the net proceeds to fund its capital expenditure and incremental working capital requirements to Rs 133.8 cr and Rs 200 cr, respectively, and repayment/prepayment of Rs 50 crs of its debt, respectively, besides general corporate purposes.

The issue’s book-running lead managers are Anand Rathi Advisors Limited, IIFL Securities Limited, and JM Financial Limited, and the registrar is KFin Technologies Limited. The equity shares are being proposed for listing on the BSE and NSE.

Company Information

Pavan Kumar Bajaj and Karan Bajaj launched EMIL as a private corporation with a consumer durable and electronics store called ‘M/s Bajaj Electronics.’

It had 112 outlets across 36 cities / urban agglomerates on August 31, 2022, supported by a robust workforce of 2,091 professionals and 1.12 million square feet of retail space.

Its multi-brand locations are known as Bajaj Electronics, with the exception of two dedicated Kitchen Stories stores that cater to kitchen-specific needs.

It is also in the process of establishing another similar specialty store, Audio & Beyond, which will focus on high-end audio and home automation products.
It aims to continue to deepen its store network in its 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.
This article was shared with Prittle Prattle News as a Press Release.
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