Electronics Mart India IPO: Check GMP as subscription opens next week

  • Electronics Mart India IPO: The company has fixed a price band of 56-59 a share

Livemint
Updated29 Sep 2022, 11:23 AM IST
Electronics Mart India IPO opens next week
Electronics Mart India IPO opens next week(Shutterstock)

Consumer durables retail chain Electronics Mart India Ltd's 500 crore initial public offering (IPO) will open for public subscription next week on Tuesday, October 4, 2022 and the three-day share sale conclude on October 7, 2022. The company has fixed a price band of 56-59 a share. 

As per market observers, Electronics Mart India shares are commanding a premium or grey market premium (GMP) of 20 per share in the grey market today. The company's shares are expected to list on stock exchanges on Monday, October 17, 2022.

Electronics Mart India IPO consists of a fresh issue of equity shares aggregating to 500 crore, with no offer for sale (OFS) component and the company in its draft IPO papers 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.

“Electronics Mart India is amongst the dominating consumer durables and electronics retailer centralised in South India. Almost 90% of its revenues come from retail chains. 50% of its revenue comes from the sale of large appliances. EMIL has reported significant bottom-line growth. Based on FY22 earnings post fresh issue, the IPO is priced at a p/e of 21.77x on the upper band, which seems to be moderate as the sector is highly competitive with the presence of deep pocketed players – in both online & offline segments,” said Abhay Doshi, co-founder at UnlistedArena.

Anand Rathi Advisors, IIFL Securities and JM Financial are the book running lead managers to the initial share sale. KFin Technologies Limited is the registrar of the public issue.

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. The company had 112 stores across 36 cities as of August this year.

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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First Published:29 Sep 2022, 11:23 AM IST
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