The allotment status of Electronics Mart India (EMIL), whose initial public offering (IPO) attracted a strong response throughout the three-day bidding procedure, is set to be decided on Wednesday, October 12.
A total of 254 new equity shares having a face value of Rs 10 were issued as part of the Rs 500 crore initial public offering (IPO).
Electronics Mart India, founded in 1980, is the fourth-largest retailer of electronics and consumer goods in India. It is a market leader in South India, particularly in the states of Telangana and Andhra Pradesh.
The company offers a wide variety of products from more than 70 companies, with a concentration on major appliances, mobile devices, small appliances, IT, and other products. More than 6,000 SKUs are available through the company (stock keeping units).
When last heard, the shares of Electronics Mart India were selling at a premium of Rs 32–35. Since the issue’s announcement, the premium in the unofficial market has remained stable.
Equity shares in the company’s Rs 500 crore main offering were sold for between Rs 56 and Rs 59 each. Between October 4 and 7, 71.93 subscriptions were made to the offering, demonstrating a strong response from all types of investors.
Quotas designated for qualified institutional buyers (QIBs) and retailers were each subscribed 63.59 and 19.72 times, respectively. The QIB quota was subscribed an astounding 169.54 times.
With a total sales of Rs 4,353.07 crore, the company declared a net profit of Rs 103.89 crore for the fiscal year 2021–2022. Its profit for the quarter that ended on June 30, 2022, was Rs 40.66 crore, while its sales was Rs 1,410.25 crore.
Due to its fair values, promising future development, and market domination, brokers continue to be bullish on the issue, giving it a subscribe rating. A few people have expressed concern about reliance on well-known brands and internet competition, though.
On the Bombay Stock Exchange (BSE) website, investors who placed a bid for the issue can check the progress of the allotment:
2) Under the issue type, click Equity
3) Under the issue name, select Electronics Mart India Ltd in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on ‘I am not a Robot’ and hit submit.
On the website of KFin Technologies Limited, the issue’s registrar (https://kosmic.kfintech.com/ipostatus), you may also check the allotment status.
On October 13, refunds for bidders who failed to receive allotment in the IPO may begin. By October 14, those who would receive shares might see a credit for them in their demat accounts. On October 17, the IPO is most likely to list.