Electrifying end to Electronics Mart IPO subscribed 71.93 times on final day

Hyderabad, October 08, 2022: The Initial Public Offering (IPO) of Hyderabad-based consumer durable retail chain, Electronics Mart, the 4th largest and one of the fastest growing consumer durables and electronics retailers in India, received bids of 4,49,53,64,644 shares against the offered 6,25,00,000 equity shares, at a price band of ₹56-59, according to the data available on the stock exchanges. Overall the issue was subscribed to 71.93 times on the final day of bidding.

The qualified institutional buyer portion was subscribed 169.54 times. The reserved portion of non-institutional investors witnessed a subscription of 63.59 times. Retail Portion saw a subscription of 19.71 times. The issue kicked off for subscription on Tuesday, October 04.

The offer consists of a fresh issue of equity shares aggregating to Rs 500 crore, with no offer-for-sale component. The company intends to utilize the net proceeds to fund its capital expenditure and incremental working capital requirements to the extent of Rs 133.8 cr and Rs 200 cr respectively, repayment/prepayment of Rs 50 CRS of its debt besides general corporate purposes.

Anand Rathi Advisors Limited, IIFL Securities Limited, and JM Financial Limited are the book-running lead managers to the issue and Kevin Technologies Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.

Company Information

EMIL 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. As on August 31, 2022, it had 112 stores across 36 cities / urban agglomerates, supported by a strong workforce of 2,091 professionals with 1.12 million square feet of retail space. 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

It aims to continue to deepen its store network in its existing clusters to increase the market share in Telangana and Andhra Pradesh. It also intends to open and build the store network in the NCR by opening 26 MBOS with the proceeds of the IPO.

The table below shows subscription data for all the categories of investors:

ELECTRONICS MART INDIA LIMITED

Last updated on
07 Oct 2022 | 05:00:00 PM

Sr.No. Category No.of shares offered / reserved No. of shares bid for No. of times of total meant for the category
1 Qualified Institutional Buyers (QIBs) 1,78,57,142 3,02,75,88,052 169.54
1(a) Foreign Institutional Investors (FIIs) 67,39,07,974
1(b) Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) 1,43,69,65,376
1(c) Mutual Funds 19,22,18,564
1(D) Others 72,44,96,138
2 Non-Institutional Investors(NIIS) 1,33,92,858 85,16,90,448 63.59
2.1 Non-Institutional Investors(Bid amount of more than Ten Lakh Rupees) 89,28,572 59,08,67,754 66.18
2.1(a) Corporates 1,98,23,684
2.1(b) Individuals (Other than RIIs) 49,05,23,276
2.1(c) Others 8,05,20,794
2.2 Non-Institutional Investors(Bid amount of more than Two Lakh Rupees and up to 10 lakh rupees) 44,64,286 26,08,22,694 58.42
2.2(a) Corporates 5,33,654
2.2(b) Individuals (Other than RIIs) 22,23,27,724
2.2(c) Others 3,79,61,316
3 Retail Individual Investors (RIIs) 3,12,50,000 61,60,86,144 19.71
3(a) Cut Off 53,45,55,700
3(b) Price Bids 8,15,30,444
4 Employee Reserved
4(a) Employee (Cut off)
4(b) Employee (Price)
5 Reservation PortionShareholder
5(a) RPS (Cut off)
5(b) RPS (Price)
Total 6,25,00,000 4,49,53,64,644 71.93

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