Electronics Mart India shares make strong market debut

Shares of Electronics Mart India Ltd made a strong stock market debut on Monday with the stock listing at ₹90 apiece on the NSE, a premium of more than 52% as compared to its IPO issue price of ₹59 per share.

The initial public offering (IPO) of consumer durables retail chain Electronics Mart India received 71.93 times subscription on the final day of offer.

The IPO received bids for 449.53 crore shares against 6.25 crore shares on offer, as per exchange data.

Electronics Mart India IPO consisted of a fresh issue of equity shares aggregating to ₹500 crore, with no offer for sale (OFS) component.

The price range for the offer was at ₹56-59 per share. The company said that it intends to utilise the net proceeds to fund its capital expenditure, support incremental working capital requirements and pay debt and will also be used for general corporate purposes.