17 Oct , 2022 By : Monika Singh
Electronics Mart India Ltd shares witnessed bumped listing on the both BSE and NSE as the stock listed at Rs 90, up 52.5 per cent from the IPO price of Rs 59 per share, largely in-line with what analysts expected. Company’s market capitalisation on BSE stood at Rs 3,439 crore at the time of listing. The IPO of the Hyderabad-based consumer durables retail chain was subscribed 72 times as on the final day of the offer. The portion reserved for qualified institutional buyers was subscribed 169.54 times and the same for non-institutional investors was subscribed 63.59 times. The portion for retail investors was subscribed 19.71 times.
The IPO consisted of a fresh issue of shares aggregating to Rs 500 crore, with no offer for sale (OFS) component. The company intends to utilise the net proceeds to fund capex and incremental working capital requirements to the extent of Rs 133.8 crore and Rs 200 crore, respectively, and for repayment, prepayment of Rs 50 crore of debt besides general corporate purposes. As on 31 August 2022, the company had 112 stores across 36 cities, urban agglomerates, supported by a workforce of 2,091 professionals with 1.12 million square feet of retail space.
Electronics Mart India was founded by Pavan Kumar Bajaj and Karan Bajaj as a proprietary concern with a consumer durable and electronics store under the name of ‘M/s Bajaj Electronics’. Its multi-brand outlets operate under the brand names of Bajaj Electronics other than two specialized stores under the name of Kitchen Stories catering to kitchen-specific requirements. It is also in the process of setting up another such niche outlet under the name of Audio & Beyond catering to high-end audio and home automation solutions.
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