08 Oct , 2022 By : Monika Singh
The initial public offering (IPO) of Hyderabad-based consumer durables retail chain Electronics Mart was subscribed 72 times as on 5 pm on Friday, the final day of the offer.
The portion reserved for qualified institutional buyers was subscribed 169.54 times and the same for wealthy or non-institutional investors was subscribed 63.59 times. The portion for retail investors was subscribed 19.71 times. The price band for the issue was Rs 56-59.
The company’s shares were trading at a premium of Rs 33 above the upper end of the price band in the grey market on Friday. The shares are expected to list on October 17.
The offer consists of a fresh issue of shares aggregating to Rs 500 crore, with no offer for sale component. The company intends to utilise the net proceeds to fund capital expenditure and incremental working capital requirements to the extent of Rs 133.8 crore and Rs 200 crore, respectively, and  repayment/prepayment of Rs 50 crore of debt besides general corporate purposes.
Anand Rathi Advisors, IIFL Securities and JM Financial were the book running lead managers to the issue. Â
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