Electronics Mart IPO subscribed 72 times on final day

Electronics Mart's IPO to raise up to Rs 500 crore concluded on Friday with an overall subscription of 71.9 times the shares on offer. The initial share sale of Hyderabad-based Electronics Mart — a retailer of consumer durables and electronics — was entirely a fresh issue, which means the proceeds will go to the company.

By the end of the final day of the bidding process, which began on Tuesday, the Electronics Mart IPO received bids for 449.5 crore shares as against the total 6.3 crore shares on offer, according to provisional exchange data. The IPO saw a strong response from qualified institutional buyers.

Up to 50 percent of the IPO was reserved for QIBs, 15 percent for non-institutional investors (NIIs) and 35 percent for retail investors.