Home / Markets / Ipo /  Electronics Mart India IPO's price band announced as issue to open next week

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 conclude on October 7, 2022. The company on Wednesday said it has fixed a price band of 56-59 a share. In the grey market, Electronics Mart India shares commanded a premium or grey market premium of 25 per share. 

The initial share sale 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 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 brand name Bajaj Electronics other than two specialized stores under the name 'Kitchen Stories' catering to kitchen specific-requirements and one specialized store format under the name 'Audio & Beyond' focusing on high-end home audio and home automation solutions. 

In FY22, the company's revenue from operations increased by 36% to 434.9 crore from 320 crore in the same period last year, while profit after tax surged 77 per cent to 104 crore from 58.6 crore during the same period.

Anand Rathi Advisors, IIFL Securities and JM Financial are the book running lead managers to the issue. KFin Technologies Limited is the registrar of the share sale. The company's shares are expected to list on Monday, October 17, 2022

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