Electronics Mart public issue opens today, price band set at Rs 56-59

Consumer durables retail chain Electronics Mart India Ltd has set its price band of Rs 56-59 a share for its initial public offering. The company had earlier said its public issue will open for subscription on October 4 and close on October 7.

Anchor investors can bid on October 3. The basis of allotment will be on October 12 and credit of shares on October 14. The shares will be listed on bourses on October 17.

In September 2021, the company had filed draft papers with the markets regulator to raise around Rs 500 crore through fresh issue.

The proceeds from the issue worth Rs 111.44 crore will be used for capital expenditure and Rs 220 crore for incremental working capital requirements. The company will also use Rs 55 crore to repay its debt.

As of August 2022, its working capital facilities were at Rs 919.58 crore. As of June 2022, its net debt stood at Rs 446.54 crore.

Anand Rathi Advisors, IIFL Securities and JM Financial are the lead managers to the issue.

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’.

The company operates and manages 112 stores with a retail business area of 1.12 million sq ft across 36 cities or urban agglomerates, predominantly in Andhra Pradesh, Telangana and the NCR.