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Shares of Electronics Mart India Ltd will be listed on the bourses today. The company has fixed the IPO price at ₹59, at the upper end of the price band of ₹56-59.
The Initial Public Offering (IPO) of the Hyderabad-based consumer durables retail chain, Electronics Mart, was subscribed nearly 72 times.
QIBs show immense interest
While the portion reserved for non-institutional investors saw a subscription of 63.59 times, the retail portion was subscribed 19.72 times and the QIB portion a whopping 169.54 times.
The company will use the funds for capital expenditure for expansion and opening of stores and warehouses; incremental working capital requirements; repayment/ prepayment, in full or part, of all or certain borrowings; and general corporate purposes.
Anchor investors
Ahead of the issue, the company had raised ₹150 crore from anchor investors. Among the anchor investors are PineBridge Global Funds, Societe Generale – ODI, Cohesion MK Best Ideas Sub-Trust, Nippon Life, HDFC Trustee Co Ltd, Motilal Oswal Midcap Fund, Aditya Birla Sun Life Insurance Company, Sundaram Mutual Fund, White Oak Capital Flexi Cap Fund, Abakkus Emerging Opportunities Fund-1, Tata AIA Life Insurance Co Ltd and Mirae Asset Balanced Advantage Fund
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