Electronics Mart India Initial Public Offering To Open On October 4

Consumer durables retail chain Electronics Mart India Ltd on Wednesday said it has fixed a price band of Rs 56-59 a share for its Rs 500 crore initial public offering (IPO)..The initial share-sale will open for public subscription on October 4 and close on October 7, the company said in a statement..The IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore, with no offer for sale component..The company intends to utilise the net proceeds to fund its capital expenditure, support incremental working capital requirements and pay debt. Funds will also be used for general corporate purposes..Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors..Investors can bid for a minimum of 254 equity shares and in multiples of 254 thereafter..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. .Currently, EMIL has a leadership position in South India. In line with its cluster-focused expansion strategy, it plans to deepen store network in Andhra Pradesh and Telangana and gradually expand in NCR..EMIL displays more than 6,000 stock keeping units (SKUs) across product categories from more than 70 consumer durable and electronic brands. It operates across three channels -- retail, wholesale and e-commerce..In FY22, the company's revenue from operations increased by 36 per cent to Rs 434.93 crore from Rs 320.18 crore in the same period last year, while profit after tax surged 77 per cent to Rs 103.89 crore from Rs 58.62 crore during the same period..Anand Rathi Advisors, IIFL Securities and JM Financial are the book running lead managers to the issue..(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Electronics Mart India Initial Public Offering To Open On October 4

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