IPO
Electronics Mart files for Rs.500-Cr IPO
Consumer durables retail chain Electronics Mart India Ltd has filed papers with Sebi to raise INR 500 crore through an IPO. The company intends to utilise the net proceeds to fund its capital expenditure and general corporate purposes. INR 50 crore will be used towards payment of debt. 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 names of Bajaj Electronics other than two specialized stores under the name of 'Kitchen Stories' catering to kitchen specific requirements. For FY21, the company's total income stood at INR 3,207.37 crore against INR 3,179.02 crore a year ago. Its net profit for the year declined to INR 58.62 crore from INR 81.61 crore. Anand Rathi Advisors, IIFL Securities and JM Financial are the book running lead managers to the issue.
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