Electronics Mart India IPO Subscribed 1.69 Times on Day 1; Check GMP, Financials

Electronics Mart IPO Subscription Open: The Initial Public Offering (IPO) of consumer durables retail chain Electronics Mart India was subscribed 1.69 times on the first day of offer on Tuesday. The IPO received bids for 10,58,09,796 shares against 6,25,00,000 shares on offer, according to the data available with the NSE. The issue closes on Friday, October 7, 2022.

Electronics Mart IPO Subscription Status

The category for Retail Individual Investors (RIIs) received 1.98 times subscription, while that of Qualified Institutional Buyers (QIBs) got subscribed 1.68 times. The portion for non-institutional investors received 1.04 times subscription on day 1 of the issue.

Electronics Mart IPO Price Band

EMIL has fixed the price band for the IPO range of Rs 56 to Rs 59. The entire issue would be in the form of a fresh of shares aggregating to Rs 500 crore.

Electronics Mart IPO Lot Size

The minimum lot size is 254 shares. Retail investors can apply for a minimum of 1 and a maximum of 13 lots, making up a total of 3,302 shares. At the upper range of the price band, one lot size would be worth Rs 14,986.

EMIL’s performance in the Last Financial Year

In FY 2022, the company reported a net profit of Rs 103.89 crore from a revenue of Rs 4,349 crore. For the quarter ending in June 2022, EMIL reported a net profit of Rs 40.66 crore and Rs 1,410.25 crore in revenue.

Electronics Mart IPO Objective

The company said that it intends to utilise the net proceeds from the IPO to fund its capital expenditure, support incremental working capital requirements and pay debt and will also be used for general corporate purposes.

Electronics Mart IPO Allotment Process

The final allotment of shares will be announced by October 12 with refund initialization by October 13. The credit of allotted shares to the Demat account will begin by October 14.

Electronics Mart IPO Listing Date

EMIL is likely to make its debut in the market on October. The book-running lead managers for the EMIL IPO issue are JM Financial IIFL Securities and Anand Rathi Securities.

Electronics Mart IPO GMP Today

As per market observers, Electronics Mart India shares are commanding a premium or grey market premium (GMP) of Rs 35 in the grey market today. The company’s shares are expected to list on stock exchanges on Monday, October 17, 2022.

Incorporated in 1980, Electronics Mart India Ltd (EMIL) was founded by Pavan Kumar Bajaj and Karan Bajaj as a proprietary concern with a consumer durables and electronics store under the name of Bajaj Electronics. The company had 112 stores across 36 cities as of August this year.

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