Electronics Mart IPO listing: Electronics Mart made a solid debut on BSE and NSE on Monday, in line with the trend in the grey market over the past few days.
Electronics Mart — a retailer of consumer durables and electronics — made a strong debut in the secondary market on Monday. Its stock listed at Rs 89.4 apiece on BSE — a premium of 51.5 percent over the upper end of its IPO price range. On NSE, the stock began its journey at Rs 90, a premium of 52.5 percent.
Recommended ArticlesView All
Biggest casualty of ending LTCG regime is not debt funds but the debt market
Mar 25, 2023 IST6 Min(s) Read
US Fed rate hike — willing to hit but afraid to wound
Mar 25, 2023 IST4 Min(s) Read
Withering Weather: Experts see erratic rains to spell higher food prices and tougher inflation ahead
Mar 24, 2023 IST4 Min(s) Read
Decoding Finance Bill proposals for debt funds: What remains and what changes
Mar 24, 2023 IST3 Min(s) Read
The stock closed at Rs 84.5 apiece on BSE and Rs 83.7 apiece on NSE — a premium of 42-43 percent.
The listing was in line with the trend in the grey market — an unofficial market for unlisted securities — over the past few days. Dealers said the company had commanded a grey market premium of Rs 25-35 since the launch of the IPO.
|Date||Grey market premium (in rupees)|
|(Source: IPO Watch)|
"The response of investors seems to be very selective in the primary market. The IPO was priced reasonably leaving enough on table for investors," Abhay Doshi, Co-Founder of Unlisted Arena — a portal that tracks grey markets and deals in unlisted securities — told CNBCTV18.com.
The initial share sale of Electronics Mart, to raise up to Rs 500 crore, saw a strong response from investors, especially qualified institutional buyers and high net worth individuals. The IPO concluded on October 7 with an overall subscription of 71.9 times the equity on offer.
Up to 50 percent of the public offer was reserved for QIBs, 15 percent for non-institutional investors (NIIs) and 35 percent for retail investors.
Potential investors could bid for Electronics Mart shares in a price range of Rs 56-59 apiece in multiples of 254 under the IPO.
A number of analysts held positive views on the Electronics Mart issue.
First Published: Oct 17, 2022 8:57 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!