The initial public offer (IPO) of consumer durable and electronics retailer Electronics Mart India will open on October 4. The firm plans to raise Rs 500 crore through the issue. The IPO will close on October 7. The shares will be allotted on October 12 and initiation of refunds will be carried out on next day. The shares are likely to be listed on October 17 on BSE and NSE. The IPO will be open for anchor investors on October 3. Anand Rathi Securities, IIFL Securities and JM Financial Consultants are the lead managers of the IPO. KFin Technologies Limited is the registrar to the IPO.
The net proceeds from the issue are proposed to be utilised for the following objects: 1. Funding of capital expenditure for expansion and opening of stores and warehouses. 2. Funding incremental working capital requirements. 3. Repayment / prepayment, in full or part, of all or certain borrowings availed by the company. 4. General Corporate Purposes.
In September last year, the electronics retailer filed draft papers with SEBI. The company plans to use the proceeds worth Rs 111.44 crore for capital expenditure and Rs 220 crore for incremental working capital requirements. Additionally, the company will use Rs 55 crore to repay its debt.
Electronics Mart India offers a diversified range of products with a focus on large appliances (air conditioners, televisions, washing machines and refrigerators), mobiles and small appliances, IT and others. The company's offering includes more than 6,000 SKUs (stock keeping units) across product categories from more than 70 consumer durable and electronic brands.
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