Electronics Mart India IPO subscribed 7.57 times on Day 2 of offer

The Initial Public Offering (IPO) of consumer durables retail chain Electronics Mart India received 7.57 times subscription on the second day of offer on Thursday.

The IPO got bids for 47.29 crore shares against 6.25 crore shares on offer, according to NSE data.

The category for non-institutional investors was subscribed 11.74 times, while the portion for Retail Individual Investors (RIIs) attracted 7.81 times subscription.

Qualified Institutional Buyers (QIBs) category received 4.01 times subscription.

The IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore, with no offer for sale component.

Price range for the offer is Rs 56-59 a share.

On Tuesday, the public offer of Electronics Mart India was subscribed 1.69 times on the first day of offer.

The domestic equity markets were closed on Wednesday for the Dussehra festival.

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.

Anand Rathi Share and Stock Brokers, IIFL Securities and JM Financial are the managers to the offer.