Electronics Mart shares settle over 43% higher in market debut

Shares of consumer durables retail chain Electronics Mart India on Monday made a strong market debut and ended over 43 per cent higher against the issue price of Rs 59.

The scrip made its debut at Rs 89.40, registering a jump of 51.52 per cent on the BSE. During the day, it rallied 54.23 per cent to Rs 91. It finally ended at Rs 84.45 apiece, higher by 43.13 per cent. On the NSE, it listed at Rs 90, rallying 52.54 per cent. Shares of the company ended at Rs 83.70 apiece, a jump of 41.86 per cent. On the NSE, it listed at Rs 90, rallying 52.54 per cent.

In volume terms, 59.32 lakh shares of the firm were traded on the BSE and over 8.80 crore shares on the NSE during the day. Its market valuation remained at Rs 3,249.20 crore on the BSE.

The Initial Public Offering (IPO) of Electronics Mart India received 71.93 times subscription on the final day of the offer on October 7. The IPO had a fresh issue of equity shares aggregating to Rs 500 crore with no offer-for-sale component.

The price range for the offer was Rs 56-59 a share. "Electronics Mart India Limited has debuted at Rs 90. The company's strong listing can be attributed to strong interest from investors, reasonable valuations, and a sanguine growth outlook," said Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd. "Electronics Mart India Limited has debuted at Rs 90.

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.