electronics mart india ipo gmp, investors scrambling to invest money in ‘this’ IPO; Bang made before listing – share market update electronic mart india ipo subscribed 71.93 times on final day
High quality bids for IPOs
According to National Stock Exchange (NSE) data, bids were received for 449.53 crore shares against the 6.25 crore shares offered under the IPO. The Institutional Investors (QIBs) category received the highest subscription at 169.54 times while the Non-Institutional Investors category received 63.59 times of subscription. On the other hand, the reserve was subscribed 19.71 times in the retail individual investor (RRI) category.
The IPO provided for the issue of new shares of up to Rs 500 crore and there was no offer for sale. Meanwhile, the price range for the IPO has been fixed at Rs 56 to Rs 59 per share.
When will the listing of shares take place?
The company’s shares may be listed on BSE and NSE on October 17. 50% of the company’s issue is reserved for qualified institutional investors, 35% for retail investors and 15% for non-institutional investors. The allotment of shares in the issue will take place on 12th October. According to market experts, the IPO is at a premium of Rs 34 per share in the gray market (GMP), compared to Rs 27-30 per share earlier.
Learn about the company
Electronics Mart India Limited was founded by Pawan Kumar Bajaj and Karan Bajaj under the name Bajaj Electronics. The company has 112 stores across 36 cities and its multi-brand outlets operate under the Bajaj Electronics brand name. Plus two specialty stores called ‘Kitchen Stories’, which sell kitchen fixtures, and a special store format called ‘Audio & Beyond’, which focuses on high-end home audio and home automation solutions.
