Electronics Mart India IPO subscribed 29.43 times

7 Oct 2022 , 05:41 PM

The initial public offer (IPO) of Electronics Mart India received bids for 1,83,94,01,706 shares as against 6,25,00,000 shares on offer, according to stock exchange data 17:39 IST on Friday (07 October 2022). The issue was subscribed 29.43 times. The issue opened for bidding on Tuesday (04 October 2022) and it will close on Friday (07 October 2022). The price band of the IPO was fixed at Rs 56-59 per share. An investor was allowed bid for a minimum of 254 equity shares and in multiples thereof. The issue comprised of only fresh issue of equity shares aggregating to Rs 500 crore. Of the net proceeds about Rs 111.441 crore towards funding of capital expenditure (largely opening of stores and warehouses); Rs 220 crore towards funding incremental working capital requirements and Rs 55 crore towards repayment / prepayment of certain borrowings in part or full. Ahead of the IPO, Electronics Mart India on Tuesday, 13 September 2022, raised Rs 149.99 crore from anchor investors. The board finalized the allocation of 2,54,23,728 shares at Rs 59 per share to 20 anchor investors. Electronics Mart India (EMIL) is the 4th largest consumer durable and electronics retailer in India. As of 31 August 2022, it operates and manages 112 stores with a total retail business area of 1.12 million square feet (msft), located across 36 cities/urban agglomerates, predominantly in Andhra Pradesh (AP), Telangana and Delhi NCR (NCR). EMIL is not engaged in any manufacturing and the products it sells are sourced from wide variety of suppliers/OEMs, with some of them it has long-standing relationship of more than 15 years. It operates both multi brand outlets (MBOs) and exclusive brand outlets (EBOs) arraying multifarious as well as specialized electronic products. The company reported a net profit of Rs 40.66 crore and sales of Rs 1,408.45 crore in the three months ended 30 June 2022. Powered by Capital Market – Live News