Electronics Mart IPO subscribed 71.93 times on final day

The Initial Public Offering (IPO) of consumer durables retail chain Electronics Mart India received 71.93 times subscription on the final day of offer on Friday.

The IPO received bids for 449.53 crore shares against 6.25 crore shares on offer, according to a data available with the NSE.

The category for Qualified Institutional Buyers (QIBs) received 169.54 times subscription, Non-Institutional Investors (NIIS) 63.59 times and Retail Individual Investors (RIIs) 19.71 times.

The IPO had a fresh issue of equity shares aggregating to Rs 500 crore, with no offer for sale component.

Price range for the offer was at Rs 56-59 a share.

On Tuesday, the public offer of Electronics Mart India was subscribed 1.69 times on the first day of offer.

The domestic equity markets were closed on Wednesday for the Dussehra festival.

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 were the managers to the offer.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)