Shares of consumer durables retail chain Electronics Mart India made a strong start in the market on Monday, rising nearly 53 per cent against the issue price of Rs 59.
The stock opened at Rs 89.40, up 51.52 per cent on the BSE.
It was listed at Rs 90 on NSE, up 52.54 per cent.
Electronics Mart India’s Initial Public Offering (IPO) got subscribed 71.93 times on the last day of the offer on October 7.
There was a fresh issue of equity shares worth Rs 500 crore in the IPO with no offer for sale.
The offer price range was Rs 56-59 per share.
Pravesh Gaur, Senior Technical Analyst, Swastik Investmart Ltd. said, “Electronics Mart India Ltd. has started at Rs.90. The strong listing of the company can be attributed to strong investor interest, fair valuations and a strong growth outlook.”
Electronics Mart India Limited (EMIL) was established by Pawan Kumar Bajaj and Karan Bajaj as a proprietary concern with a consumer durables and electronics store under the name Bajaj Electronics.
Its multi-brand outlets operate under the Bajaj Electronics brand name in addition to two exclusive stores named ‘Kitchen Stories’, which cater to the specific needs of kitchens, and an exclusive store format under the name ‘Audio & Beyond’. which focuses on the high-end. Home audio and home automation solutions.