Electronics Mart India's initial public offering (IPO) has reportedly garnered 71.93 times the number of subscriptions expected on the final day of the offer last week. The IPO secured bids for 4.5 billion shares as compared to the 62.5 million shares initially offered.

It has been reported that Qualified Institutional Buyers (QIBs) obtained 169.54 times subscriptions, while Non-Institutional Investors (NIIS) got 63.59 times subscriptions, and Retail Individual Investors (RIIs) received 19.71 times subscriptions.

According to market analysts, shares of Electronics Mart India are currently trading on a premium or grey market premium (GMP) of $0.29 (INR 24). It is anticipated that, the firm will list its shares on stock exchanges from next week.

As per reports, basis for share allotment of the Electronics Mart India IPO is expected to be finalized shortly, and if allotted, the shares would be credited to bidders' demat accounts soon.

The Electronics Mart India IPO contains a new issue of equity shares totaling $60.7 million without an offer for sale (OFS) component. The offer's price range was between $0.68 and $0.72 per share.

In addition to this, the company stated in its draft IPO documents that it planned to utilize the net proceeds to support additional working capital requirements, pay off debt, and fund capital expenditures. According to the firm, the money would also be used for general corporate purposes.

For the unversed, Electronics Mart India Ltd (EMIL), is an electronics and consumer goods manufacturer operating under the brand, Bajaj Electronics. The company was established in 1980 by Karan Bajaj and Pavan Kumar Bajaj.

Currently, EMIL has 112 stores, of which 100 are MBOs (multi-brand outlets) and 12 are EBOs (Exclusive Brand Outlets). The organization also runs 89 MBOs in Telangana and Andhra Pradesh under the name Bajaj Electronics.

Source credit: https://www.livemint.com/market/electronics-mart-india-ipo-latest-gmp-ahead-of-share-allotment-listing-11665453953148.html