(PTI) Shares of consumer durables retail chain Electronics Mart India on Monday made a strong market debut, climbing nearly 53 per cent against the issue price of ₹59.
The scrip made its debut at ₹89.40, registering a jump of 51.52 per cent on the BSE.
At the NSE, it listed at ₹90, rallying 52.54 per cent.
The Initial Public Offering (IPO) of Electronics Mart India received 71.93 times subscriptions on the final day of the offer on October 7.
The IPO had a fresh issue of equity shares aggregating to ₹500 crore with no offer-for-sale component.
The price range for the offer was ₹56-59 a share.
"Electronics Mart India Limited has debuted at ₹90. The company's strong listing can be attributed to strong interest from investors, reasonable valuations, and a sanguine growth outlook," said Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd.
Electronics Mart India Ltd (EMIL) was 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.
Its multi-brand outlets operate under the brand name Bajaj Electronics other than two specialised stores under the name 'Kitchen Stories', catering to kitchen specific-requirements and one specialised store format under the name 'Audio & Beyond', focusing on high-end home audio and home automation solutions.