Electronics Mart India IPO: Check Issuance Size, Open Date, Attribution & Other Details
The initial public offering (IPO) of consumer durables and electronics retailer Electronics Mart India will open on October 4. The company plans to raise Rs 500 crore through this issue. The IPO will close on October 7. The shares will be allocated on October 12 and the initiation of redemptions will be made the following day. The shares are expected to list on October 17 on BSE and NSE. The IPO will be open to mainstream investors on October 3. Anand Rathi Securities, IIFL Securities and JM Financial Consultants are the main managers of the IPO. KFin Technologies Limited is the Registrar of the IPO.
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It is proposed to use the net proceeds of the issue for the following purposes: 1. Financing of capital expenditure for the expansion and opening of stores and warehouses. 2. Financing additional working capital needs. 3. Reimbursement / prepayment, total or partial, of all or part of the loans contracted by the company. 4. General business objectives.
In September last year, the electronics retailer filed draft documents with SEBI. The company plans to use the proceeds worth Rs 111.44 crore for capital expenditure and Rs 220 crore for additional working capital requirements. Additionally, the company will use Rs 55 crore to repay its debt.
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Electronics Mart India offers a diverse range of products with a focus on Major Appliances (Air Conditioners, TVs, Washing Machines and Refrigerators), Mobile Phones and Small Appliances, Computers and others. The company’s offering includes more than 6,000 SKUs (Stock Keeping Units) across all product categories from more than 70 brands of consumer durables and electronics.