Electronic Mart India Ltd IPO date set, to open Oct 4 and close Oct 7
MUMBAI, SEPTEMBER 26, 2022 (GPN): The subscription period for the initial public offering (IPO) of Electronics Mart India Ltd will start on October 4 and end on October 7.
The closing date for offers from principal investors is October 3. The allocation basis will be finalized on October 12 and the shares will be credited to the winning bidders’ demat accounts on October 14. On October 17, Electronics Mart will debut on the stock exchange.
The company submitted draft documents to SEBI in September 2021 to raise around Rs 500 crore through new issuance.
The proceeds will be used by the company for additional working capital requirements of Pavan Kumar Bajaj and Karan Bajaj has established Electronics Mart India Ltd (EMIL) as a private company with a consumer goods and electronics store operating under the name of “Bajaj Electronics”. approximately Rs 220 crore and capital expenditure worth Rs111.44 crore. The company will also use Rs55 crore to repay its debt. It operates and manages 112 stores with a retail business area of 1.12 million square feet, located in 36 cities/urban agglomerations, mainly in Andhra Pradesh, Telangana and NCR.
In September 2021, the company filed draft documents with SEBI to raise around Rs 500 crore through a new issuance. The retail quota is 35%, the QIB is 50% and the HNI is 15%.
For FY22, its operating revenue was Rs 4,349.32 crore, compared to Rs 3,201.88 crore a year ago. Net profit for the year stood at Rs 40.65 crore compared to Rs 103.89 crore last year.
Electronics Mart India Limited is one of the largest electronics retailers in India. The company was incorporated in 1980 and based in Hyderabad. They are the 4th largest retailer of consumer durables and electronics in India and as of financial year 2020, they are the largest player by revenue, according to CRISIL report.
Electronics Mart India (EMI) offers major appliances such as televisions, refrigerators, washing machines, air conditioners, mobile phones, small household appliances, information technology and other electronic products. They sell over 5000 SKUs in over 70 brands of consumer durables and electronics. They have 2 business models, 1. Ownership model and 2. Leasehold model. They also sell products at retail, wholesale, and e-commerce.