It plans to deepen its store network in Andhra Pradesh and Telangana and gradually expand its network in NCR
Hyderabad-based consumer durable retail chain Electronics Mart India Ltd is looking to raise Rs 500 crore through an initial public offering for which it has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India.
The company plans to use the IPO proceeds to fund its capital expenditure and working capital requirements to the extent of Rs 133.8 crore and Rs 200 crore respectively, and repayment of Rs 50 crore debt besides corporate purposes.
It plans to deepen its store network in Andhra Pradesh and Telangana and gradually expand its network in NCR. EMIL displays more than 6000 stock keeping units (SKUs) and also operates across wholesale and ecommerce channels.
In FY21, the company’s total income stood at Rs 3,207.37 crore up from Rs 3,179.02 crore a year ago. Net profit for the period stood at ₹58.62 crore versus Rs 81.61 crore last year.
Anand Rathi Advisors Limited, IIFL Securities Limited and JM Financial Limited are the book running lead managers to the issue.
EMIL was founded over three decades ago by Pavan Kumar Bajaj and Karan Bajaj as a proprietary concern with the electronics store, Bajaj Electronics. It is supported by a workforce of over 2,600 professionals.