Electronics Mart IPO share allotment- Check grey market premium, status via BSE, registrar websites

Electronics Mart IPO share allotment: Check grey market premium, status via BSE, registrar websites

The Electronics Mart India IPO concluded on Friday after receiving a solid 71.93 times subscription. The basis of allotment for the IPO may take place on 12 October (Wednesday), the initiation of refunds is likely on Thursday, and the credit of shares to demat accounts is likely by Friday, according to the red herring documents. Electronics Mart India shares are likely to debut on stock exchanges on 17 October. The IPO shares were commanding a grey market premium (GMP) of Rs 30 apiece, up from Rs 27-30 a piece earlier. 

The Rs 500-crore IPO received an overwhelming response from investors, getting bids worth more than Rs 26,500 crore against an IPO size of Rs 500 crore. The issue was subscribed 71.93 times – the second highest subscription level in 2022 after Harsha Engineers (74.70 times) – with retail investors applying for shares 19.71 times the allotted quota, non-institutional investors putting in bids 63.59 times the portion set aside for them. The qualified institutional buyers bought 169.54 times their reserved portion.

The IPO comprised fresh issue of equity shares aggregating to Rs 500 crore, with no offer for sale (OFS) component. The company intends to utilise the net proceeds to fund its capital expenditure and incremental working capital requirements to the extent of Rs 133.8 crore and Rs 200 crore respectively, repayment/prepayment of Rs 50 crore of its debt besides general corporate purposes. Anand Rathi Advisors Limited, IIFL Securities Limited and JM Financial Limited are the book-running lead managers to the issue and KFin Technologies Limited is the registrar to the offer. The equity shares are proposed to be listed on both BSE and NSE.

Check share allotment status in Electronics Mart India via BSE website

Another way to check the allotment status in Electronics Mart India is through the BSE website. Select ‘equity’ as the issue type, and ‘Electronics Mart India’ as the issue name from the drop-down list, when it gets declared. Enter the application number and PAN (permanent account number). Click on ‘I am not a Robot’. In the last step, click on the search tab to view the status details.

How to check Electronics Mart IPO share allotment status online via KFin Technologies

Go to the official website of the registrar of the IPO that is KFin Technologies. Select the name of the IPO (Electronics Mart India) in dropbox. Select either one of the three modes: Application number, Client ID or PAN ID. Enter the application details, captcha, and click on the submit button.

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Note that Electronics Mart India was founded by Pavan Kumar Bajaj and Karan Bajaj as a proprietary concern with a consumer durable and electronics store under the name of ‘M/s Bajaj Electronics’. As on 31 August 2022, the company had 112 stores across 36 cities, urban agglomerates, supported by a workforce of 2,091 professionals with 1.12 million square feet of retail space. 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. It is also in the process of setting up another such niche outlet under the name of Audio & Beyond catering to high-end audio and home automation solutions.