The ₹500 crore IPO of Electronic Marts India was subscribed 7.57 times on the second day of the subscription process. The IPO will close for subscription today.

The initial public offering came out with a fixed price band of ₹56 to ₹59 a share and a market lot of 254 shares.

While the qualified institutional buyers’ portion was subscribed 4 times, retail investors and non-institutional quota received bids for 7.81 times and 11.74 times, respectively.

Related Stories
Electronics Mart IPO subscribed 1.69 times on first day of offer
The category for Retail Individual Investors (RIIs) received 1.98 times subscription, while that of Qualified Institutional Buyers (QIBs) got subscribed 1.68 times
Utility of funds

Money raised through the IPO will be utilised towards capital expenditures like opening new stores and warehouses, working capital, debt payment, and general corporate purposes.

The retailer on October 3 mopped up ₹150 crore from anchor investors as it decided to allocate 2.54 crore equity shares to anchor investors at ₹59 per share, as per the filing with the exchanges.

Anchor investors

Among the 20 anchor investors included Nippon Life India, HDFC Trustee, Pinebridge Global Funds, Motilal Oswal MF, Tata MF, Sundaram MF, Whiteoak Capital, Aditya Birla Sun Life Insurance, Abakkus Emerging Opportunities Fund, Societe Generale, and Mirae Asset.

Electronics Mart India offers a range of products, including air conditioners, TVs, washing machines, refrigerators, mobiles, small appliances, and IT products. The company offers product categories from more than 70 consumer durable and electronic brands. It operates across retail, wholesale, and e-commerce channels.