Jobaaj Stories
After the successful listing of Syrma SG, Dreamfolks Services, and Harsha Engineers, we at Jobaaj are proud to report on the successful listing of another IPO: Electronics Mart India (EMI).
We discussed the details of the IPO of EMI earlier, which is one of India's largest consumer durable and electronics retailers in India with a dominant presence in Andhra Pradesh and Telangana. Shares of the company were allotted to the applicants on 14th October 2022.
The IPO of EMI was very popular, especially among QIBs whose portion, which was 50% of the issue, was subscribed a massive 169.54x times!! HNIs and Retail investors followed suit as their respective portions were subscribed 63.59x times and 19.72x times, resulting in the entire Rs 500 crores issue being oversubscribed 71.93x times!!
The company also attracted several anchor investors as it raised Rs 150 crores by allotting 25.4 million shares. Some of the anchor investors who invested in the anchor book were PineBridge Global Funds, Societe Generale ODI, Cohesion MK Best Ideas Sub-Trust, Nippon Life India, HDFC Trustee, Pinebridge Global Funds, Motilal Oswal MF, Tata MF, Sundaram MF, Whiteoak Capital and Aditya Birla Sun Life Insurance.
Grey Market Premium for the share was pretty high. At Rs 30, it was roughly 51% of the company's issue price, which indicated strong listing gains.
Upon listing at 10:00, the stock broke through the estimated figures to list at Rs 90 per share, a premium of Rs 53%! However, the selling pressure dragged down the stock as it fell throughout its debut session and did not reclaim the Rs 90 mark. It finally closed at Rs 84.50 per share, up 43.2%.
An initial investment of Rs 14,986 (254 shares x Rs 59 per share) grew up to Rs 21,463 (254 shares x Rs 84.50 per share) in a single trading session.
Brokerages have suggested individuals seeking listing gains to exit the stock while others can hold on to the stock, but fresh entries are to be avoided.
The stock currently trades around Rs 92.95 per share, up 10%.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
