Latest News | Electronics Mart India IPO Subscribed 1.69 Times on First Day of Offer

New Delhi, Oct 4 (PTI) The Initial Public Offering (IPO) of consumer durables retail chain Electronics Mart India was subscribed 1.69 times on the first day of offer on Tuesday.

The IPO received bids for 10,58,09,796 shares against 6,25,00,000 shares on offer, according to the data available with the NSE.

Also Read | Oppo A17 With 5,000mAh Battery Now Official in India.

The category for Retail Individual Investors (RIIs) received 1.98 times subscription, while that of Qualified Institutional Buyers (QIBs) got subscribed 1.68 times.

The portion for non-institutional investors received 1.04 times subscription.

Also Read | India Saw 20.57 Billion Online Transactions Worth Rs 36.08 Trillion Between April and June in 2022.

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 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.

Its multi-brand outlets operate under the brand name Bajaj Electronics other than two specialised stores under the name 'Kitchen Stories', catering to kitchen specific-requirements and one specialised store format under the name 'Audio & Beyond', focusing on high-end home audio and home automation solutions.

Anand Rathi Share and Stock Brokers, IIFL Securities and JM Financial are the managers to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)