Retail chain for consumer goods Electronics Mart India Ltd. announced on Wednesday that it has set a price range of Rs56-59 per share for its Rs500 crore initial public offering (IPO). According to a statement from the firm, public subscription for the inaugural share sale will start on October 4 and end on October 7.
The initial public offering consists of a new issue of equity shares totaling Rs500 crore with no opportunity to sell. The net proceeds will be used by the firm to pay down debt, support further working capital needs, and finance capital expenditures. The money will also be utilized for ordinary business needs. Qualified institutional investors will receive 50% of the offering size, followed by retail investors receiving 35% and non-institutional investors receiving the remaining 15%.
Investors may submit bids for a minimum of 254 equity shares and subsequently in multiples of 254. Pavan Kumar Bajaj and Karan Bajaj established Electronics Mart India Ltd (EMIL) as a private company with the name “Bajaj Electronics” for their retail electronics and consumer goods operation.
As of August of the current year, the business had 112 outlets spread over 36 locations. With the exception of two specialty stores under the name “Kitchen Stories” that cater to kitchen-specific needs and one specialty store format under the name “Audio & Beyond,” all of its multi-brand outlets operate under the brand name “Bajaj Electronics.”
EMIL now holds a position of leadership in South India. It intends to steadily develop in NCR and extend its retail network in Andhra Pradesh and Telangana in accordance with its cluster-focused business strategy. More than 70 consumer durable and electrical manufacturers have more than 6,000 stock-keeping units (SKUs) available for viewing at EMIL across a variety of product categories. It runs through three channels: e-commerce, wholesale, and retail.
Revenue from operations for the firm climbed to Rs 4349.32 crore in FY22 from Rs. 3201.88 crore in the previous year, while profit after tax increased by 77.22% to Rs103.89 crore from Rs58.62 crore. The issue’s book-running lead managers are JM Financial, IIFL Capital Services, and Anand Rathi Advisors.
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