Electronics Mart soars 42% at close on debut after strong response to IPO

Shares worth Rs 766 crore changed hands on NSE; offering had garnered more than 72x subscription

Shares of Electronics Mart India (EMIL) rose 42 per cent during their stock market debut on Monday. The stock finished at Rs 83.7, up Rs 24.7 over the issue price of Rs 59. The stock touched a high of Rs 91 and a low of Rs 83.1 on the NSE, where shares worth Rs 766 crore changed hands. EMIL’s good listing follows a strong response to the electronics retail chain’s initial public offering (IPO). The offering had garnered more than 72 times subscription. The qualified institutional buyer (QIB) segment was covered nearly 170 times, high-networth individual (HNI) quota 64 times and retail quota close to 20 times. EMIL raised Rs 500 crore from the IPO to fuel its store and warehouse expansion plan. In 2021-22, the company had clocked net profit of Rs 104 crore on a revenue of Rs 4,349 crore. At the last closing price, EMIL was valued at nearly Rs 3,250 crore. EMIL’s IPO is the second-most subscribed issue of the year.