Electronics Mart India IPO subscription status Day 2: Issue booked over 6.5 times so far; retail and NII investors bid most
The IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore, with no offer for sale component. Price range for the offer is at Rs 56-59 per share.
Electronics Mart India IPO subscription status Day 2: The Initial Public Offering (IPO) of consumer durables retail chain Electronics Mart India was subscribed over 6.5 times on the second day of an offer on Thursday at around 04:18 PM as per the data available on the exchanges. The offer shall be active between 4-7 October 2022.
The IPO received bids for 41,93,88,036 shares against 6,25,00,000 shares on offer, according to the data available with the BSE.
The category for Retail Individual Investors (RIIs) received over 7.5 times the subscription, while that of the portion for non-institutional investors received over 10 times subscription. And, Qualified Institutional Buyers (QIBs), which got subscribed around 3 times on Day 1.
The IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore, with no offer for sale component. The price range for the offer is Rs 56-59 per share.
The company intends to utilise the net proceeds to fund its capital expenditure, support incremental working capital requirements and pay the 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.
Anand Rathi Share and Stock Brokers, IIFL Securities and JM Financial are the managers to the offer.
The public offer was subscribed 1.69 times on the first day of offer on Tuesday. It had received bids for 10,58,09,796 shares against 6,25,00,000 shares on offer, as per to the data available on NSE.
The retail investors' category received 1.98 times subscription, and the non-institutional investors portion received 1.04 times subscription on day 1.
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