Electronics Mart Files IPO Papers With SEBI, To RaiseRs 500 Crore
Electronics Mart India Limited (EMIL) has filed papers with Securities and Exchange Board of India to raise Rs 500 crore through an initial public offering (IPO). The consumer durables retail chain's IPO will consist of a fresh sale of shares worth Rs 500 crore, the Hyderabad-based company said in its red herring prospectus.
The company will utilise the IPO proceeds to fund its capital expenditure and incremental working capital requirements, payment of debt and for general corporate purposes.
EMIL was founded by Pavan Kumar Bajaj and Karan Bajaj under the name, Bajaj Electronics. It is among the fastest growing consumer durables and electronics companies in India today, with more than 1 crore customers and 7.5 lakh square feet of retail space. It also has two specialized stores named 'Kitchen Stories,' which are focussed on kitchen-specific needs.
The company plans to expand its store network in Andhra Pradesh and Telangana, and in the NCR region.
Anand Rathi Advisors, IIFL Securities and JM Financial are the book running lead managers to the issue.
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