NEW DELHI: Shares of consumer durables retail chain Electronics Mart India on October 17 made a strong market debut, climbing nearly 53 per cent against the issue price of Rs 59.
The scrip made its debut at Rs 89.40, registering a jump of 51.52 per cent on the BSE. At the NSE, it listed at Rs 90, rallying 52.54 per cent.
The Initial Public Offering (IPO) of Electronics Mart India received 71.93 times subscriptions on the final day of the offer on October 7.
The IPO had a fresh issue of equity shares aggregating to Rs 500 crore with no offer-for-sale component. The price range for the offer was Rs 56-59 a share.
"Electronics Mart India Limited has debuted at Rs 90. The company's strong listing can be attributed to strong interest from investors, reasonable valuations, and a sanguine growth outlook," said Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd.
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.