Electronics Mart India Ltd., a retailer of consumer goods, announced on Wednesday that it had set a price range of 56 to 59 rupees per share for its 500 crores initial public offering (IPO).
According to a statement from the firm, the inaugural share sale will begin accepting public subscriptions on October 4 and end on October 7.
The initial public offering comprises a new issue of equity shares totaling 500 crore rupees with no offer for sale element.
The business plans to use the net proceeds to pay off debt, support further working capital needs, and fund capital expenditures. Additionally, funds will be utilized for basic business needs.
Qualified institutional investors have been allocated 50% of the offering size, retail investors, 35%, and the remaining non-institutional investors 15%.
Investors may place a minimum bid of 254 equity shares and then bid in multiples of 254 shares.
Pavan Kumar Bajaj and Karan Bajaj established Electronics Mart India Ltd (EMIL) as a private company with a consumer goods and electronics store operating under the name “Bajaj Electronics.”
As of August of the current year, the corporation operated 112 outlets throughout 36 cities.
Except for two specialty stores under the name “Kitchen Stories” that cater to kitchen-specific needs and one specialty store format under the name “Audio & Beyond,” all of its multi-brand outlets operate under the brand name “Bajaj Electronics.”
EMIL now holds a position of leadership in South India. Following its cluster-focused business strategy, it intends to steadily develop in NCR and extend its retail network in Andhra Pradesh and Telangana.
More than 70 consumer durable and electrical manufacturers have more than 6,000 stock-keeping units (SKUs) available for viewing across various product categories at EMIL. It runs on three different channels: retail, wholesale, and online commerce.
The company’s operating revenue in FY22 climbed by 36% to $434.93 crore from 320.18 crores the previous year, while profit after tax increased by 77% to 103.89 crores from profit after tax 58.62 crores.
The issue’s book-running lead managers are JM Financial, IIFL Securities, and Anand Rathi Advisors.
