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.