Mumbai, October 07, 2022 (GPN): 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.
Company Information
EMIL, was founded by Pavan Kumar Bajaj and Karan Bajaj as a proprietary concern with a consumer durable and electronics store under the name of ‘M/s Bajaj Electronics’. As on August 31, 2022 it had 112 stores across 36 cities / urban agglomerates, supported by a strong workforce of 2,091 professionals with 1.12 million square feet of retail space. Its multi brand outlets operate under the brand names of Bajaj Electronics other than two specialized stores under the name of Kitchen Stories catering to kitchen specific requirements. It is also in the process of setting up another such niche outlet under the name of Audio & Beyond catering to high end audio and home automation solutions
It aims to continue to deepen their store network in their existing clusters to increase the market share in Telangana and Andhra Pradesh. It also intends to open and build the store network in the NCR by opening 26 MBOS with the proceeds of the IPO.
The table below shows subscription data for all the categories of investors:
| ELECTRONICS MART INDIA LIMITED
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| Sr.No. | Category | No.of shares offered / reserved | No. of shares bid for | No. of times of total meant for the category |
| 1 | Qualified Institutional Buyers (QIBs) | 1,78,57,142 | 3,02,75,88,052 | 169.54 |
| 1(a) | Foreign Institutional Investors (FIIs) | – | 67,39,07,974 | – |
| 1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | – | 1,43,69,65,376 | – |
| 1(c) | Mutual Funds | – | 19,22,18,564 | – |
| 1(D) | Others | – | 72,44,96,138 | – |
| 2 | Non Institutional Investors(NIIS) | 1,33,92,858 | 85,16,90,448 | 63.59 |
| 2.1 | Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 89,28,572 | 59,08,67,754 | 66.18 |
| 2.1(a) | Corporates | – | 1,98,23,684 | – |
| 2.1(b) | Individuals (Other than RIIs) | – | 49,05,23,276 | – |
| 2.1(c) | Others | – | 8,05,20,794 | – |
| 2.2 | Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) | 44,64,286 | 26,08,22,694 | 58.42 |
| 2.2(a) | Corporates | – | 5,33,654 | – |
| 2.2(b) | Individuals (Other than RIIs) | – | 22,23,27,724 | – |
| 2.2(c) | Others | – | 3,79,61,316 | – |
| 3 | Retail Individual Investors (RIIs) | 3,12,50,000 | 61,60,86,144 | 19.71 |
| 3(a) | Cut Off | – | 53,45,55,700 | – |
| 3(b) | Price Bids | – | 8,15,30,444 | – |
| 4 | Employee Reserved | – | – | – |
| 4(a) | Employee (Cut off) | – | – | – |
| 4(b) | Employee (Price) | – | – | – |
| 5 | Reservation PortionShareholder | – | – | – |
| 5(a) | RPS (Cut off) | – | – | – |
| 5(b) | RPS (Price) | – | – | – |
| Total | 6,25,00,000 | 4,49,53,64,644 | 71.93 | |
BSE+NSE Cumulative demand link: https://www.bseindia.com/markets/publicIssues/CummDemandSchedule.aspx?id=5898
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