Electronics Mart Files Preliminary Papers for Rs 500 Crore IPO with Sebi
Consumer durables retail chain Electronics Mart India Ltd has filed preliminary papers with SEBI to raise Rs 500 crore through an initial share-sale. According to the draft red herring prospectus (DRHP), the initial public offering (IPO) comprises sale of equity shares to the tune of Rs 500 crore.
Electronics Mart 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. And Rs 50 crore will be used towards payment of debt. The funds will also be used for general corporate purposes.
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', Electronics Mart India Ltd (EMIL) is one of the fastest growing companies in the retail of consumer durables and electronics. Its prides to have over 1 crore customers, 7.5 lakh square feet of retail space across over 90 stores supported by a strong workforce of more than 2,600 professionals.
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. The company is also in the process of launching another such niche outlet under the name of ‘Audio & Beyond’ which will offer high end audio and home automation solutions.
EMIL displays more than 6,000 stock keeping units (SKUs) with a focus on large appliances such as air conditioners, televisions, washing machines, refrigerators; mobiles and small appliances besides other IT peripherals across more than 70 consumer durables and electronic brands.
It also operates across wholesale and e-commerce channels.
The company’s total income stood at Rs 3,207.37 crore in FY21 against Rs 3,179.02 crore a year ago.
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