Electronics Mart India Ltd (EMIL) has fixed its price band of its initial public offer (IPO) at Rs 56-59 per share. The IPO will be open for public subscription from October 4 and closes on October 7, 2022. The IPO consists of a new issue of equity shares aggregating to Rs 500 Cr, with no offer for sale component, it said.
Investors can bid for a minimum of 254 equity shares and in multiples of 254 thereafter. 50 percent of the issue size has been reserved for qualified institutional investors, 35 percent for retail investors, and the remaining 15 percent for non-institutional investors. The company said that it intends to employ the net proceeds towards capital expenditure, to support incremental working capital requirements, paying debts, and for general corporate purposes.
The company has a leadership position in South India with 112 stores across 36 cities as of last month and their multi-brand outlets operate under the brand Electronics other than two specialized stores under the name 'KitchenStories' catering to kitchen specific-requirements and 'Audio & Beyond' focusing on high-end home audio and home automation solutions. "We are planning to open 35-40 stores in the National capital region in clusters within a couple of years," said Karan Bajaj, CEO of the company. With the cluster-based expansion strategy, EMIL plans to deepen its store network in Andhra Pradesh and Telangana and gradually expand in NCR.
The Company displays more than 6,000 stock-keeping units (SKUs)across product categories from more than 70 consumer durable and electronic brands. In FY 22, the company's revenue from operations increased by 36 percent to Rs 434.93 Cr from Rs 320.18 Crs in the sameperiod last year, while profit after tax surged 77 percent to Rs 103.89 Cr from Rs 58.62 Cr during the same period.
Adani group's market valuation stands at 260-billion dollars
