Consumer durables retail chain Electronics Mart India Ltd has set a price range of Rs 56-59 per share for its IPO. The company had earlier said that its public offering would be open for subscription on October 4 and close on October 7.

Anchor investors can bid on October 3, the allotment benchmark is October 12, and the stock investment time is October 14. The stock will be listed on the exchange on October 17.

In September 2021, the company submitted draft documents to the market regulator Sebi to raise around Rs 500 crore through a new offering.

Proceeds from the issue worth Rs 111.44 crore will be used for capital expenditure, and Rs 220 crore will increase working capital requirements. The company will also use Rs 55 crore to repay debt.

Its working capital stood at Rs 919.58 crore as of August 2022. Its net debt stood at Rs 446.54 crore as of June 2022.

Anand Rathi Advisors, IIFL Securities and JM Financial are the lead managers on this issue. Pavan Kumar Bajaj and Karan Bajaj founded Electronics Mart India Ltd (EMIL) as the exclusive focus of Bajaj Electronics’ consumer durables and electronics store.

The company manages 112 stores in 36 cities or city clusters, mainly in Andhra Pradesh, Telangana and North Carolina, with 1.12 million square feet of retail space. Income from operations in FY22 was Rs 4,349.32 crore compared to Rs 3,201.88 crore a year ago. Net profit for the year stood at Rs 40.65 crore compared to Rs 103.89 crore last year.