Electronics Mart India IPO has received tremendous response from investors. On Friday, the last day, it got 71.93 times subscription. Qualified Institutional Bidders (QIBs) category has been the most subscribed in this IPO of Rs 500 crore. This IPO was opened on 4th October.
QIB category most subscribed
According to Business Today, 6,25,00,000 shares were offered under this IPO. But bids were received for 4,49,53,64,644 shares, 71.93 times more than this offer. The QIB category was subscribed the most by investors 169.54 times. While the share of Non Institutional Investors (NII) was subscribed 63.59 times. Apart from this, if we talk about the quota of Retail Investors (RII), the reserved share in this category has received 19.71 times subscription.
Listing may happen on October 17
According to the report, the stock market listing of the company’s shares can be done on Monday, October 17, 2022. On Friday, the shares of Electronics Mart India were trading at a premium of Rs 34 in the gray market. Let us tell you that with the introduction of this IPO, the investors started giving their positive response to it. On October 4, the first day of subscription was subscribed 1.69 times.
The price band was so fixed
The price band for this Rs 500 crore issue was fixed at Rs 56-59 per share. A minimum of 254 shares could have been applied for IPO. That is, investors had to spend Rs 14,986 for one lot. Whereas, maximum 13 lots could be applied for under IPO.
This is the business of the company
The company will spend the proceeds from the IPO for meeting capital expenditure, loan repayment, working capital requirements, apart from general corporate purposes. Established in 1980, Electronics Mart India is the fourth largest consumer durables retail company in India. It has 112 stores in 36 cities of the country. About 90 percent of the company’s revenue comes from retail chains.