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Shares of Electronics Mart India Ltd made a strong stock market debut on Monday with the stock listing at ₹90 apiece on the NSE, a premium of more than 52% as compared to its IPO issue price of ₹59 per share.
The initial public offering (IPO) of consumer durables retail chain Electronics Mart India received 71.93 times subscription on the final day of offer. The IPO received bids for 449.53 crore shares against 6.25 crore shares on offer, as per exchange data.
Electronics Mart India IPO consisted of a fresh issue of equity shares aggregating to ₹500 crore, with no offer for sale (OFS) component. The price range for the offer was at ₹56-59 per share. The company said that it intends to utilise the net proceeds to fund its capital expenditure, support incremental working capital requirements and pay debt and will also be used for general corporate purposes.
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. As of August 31, 2022, out of 112 stores, 100 are multi brand outlets (MBOs) and 12 are exclusive brand outlets (EBOs). The company is currently associated with more than 70 electronic brands.
Its multi-brand outlets operate under the brand name Bajaj Electronics other than two specialised stores under the name ‘Kitchen Stories’, catering to kitchen specific-requirements and one specialised store format under the name ‘Audio & Beyond’, focusing on high-end home audio and home automation solutions.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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