Electronics Mart IPO subscribed 71.93 times on final day

The Initial Public Offering (IPO) of Hyderabad-based consumer durable retail chain, Electronics Mart, the 4th largest and one of the fastest growing consumer durables and electronics retailers in India, received bids of 4,49,53,64,644 shares against the offered 6,25,00,000 equity shares, at a price band of ₹56-59, according to the data available on the stock exchanges. Overall the issue was subscribed 71.93 times on the final day of bidding.

The qualified institutional buyer portion was subscribed 169.54 times. The reserved portion of non-institutional investors witnessed a subscription of 63.59 times. Retail Portion saw a subscription of 19.71 times. The issue kicked off for subscription on Tuesday, October 04.

The offer 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 and incremental working capital requirements to the extent of Rs 133.8 cr and Rs 200 cr respectively, repayment/prepayment of Rs 50 crs of its debt besides general corporate purposes.

Anand Rathi Advisors Limited, IIFL Securities Limited and JM Financial Limited are the book running lead managers to the issue and KFin Technologies Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.

Source : Equity Bulls

Keywords

ElectronicsMart IPO FundRaising OverSubscription