The Initial Public Offering (IPO) of Electronics Mart India was subscribed 71.93 times on the last day of the bidding, as the participants bought 449.53 crore equity shares against the offer size of 6.25 crore shares.
Retail investors, who were allocated 35 percent of the IPO shares, subscribed 19.71 times the portion reserved for them. Non-institutional investors and qualified institutional investors bought 63.59 times and 169.54 times the quota set aside for them respectively.
The e-retail firm opened its public issue for subscription on October 4 to raise up to Rs 500 crore. The proceeds from the issue will be utilised for expansion and opening of stores and warehouses, incremental working capital requirements, and repaying debts, besides general corporate purposes.
Brokerages like Canara Bank Securities, Reliance Securities, Angel Broking, Hem Securities, Choice Broking, Indsec and Nirmal Bang remain positive on the issue amid reasonable valuations, growth prospects and dominance in the markets. Anand Rathi Securities, IIFL Securities and JM Financial Consultants are the book-running lead managers, whereas KFin Technologies has been appointed as the registrar to the issue. Shares of the company will list on both BSE and NSE.
As of FY21, Electronics Mart India is the largest regional organised player in the southern region in revenue terms. It has 112 stores across 36 cities. Electronics Mart India operates business activities across three channels of retail, wholesale and e-commerce, which contributed 91.01 percent, 1.48 percent and 1 percent respectively to the total revenues for the financial year 2022.
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