Consumer durables retail chain Electronics Mart India’s shares had a spectacular market debut on Monday, rising by about 53% from the 59 rupee issue price.
The stock rose 51.52 percent on the BSE when it debuted at 89.40 rupees.
It was listed at 90 on the NSE, rising 52.54%.
On October 7, the final day of the sale, Electronics Mart India’s Initial Public Offering (IPO) obtained 71.93 times as many subscriptions.
The IPO included a fresh issue of equity shares totaling 500 crore rupees without an offer for sale.
The offer was between 56 and 59 dollars per share.
At 90, Electronics Mart India Limited made its debut. Strong investor interest in the firm has contributed to its successful IPO, reasonable valuations, and a confident growth outlook,” said Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd.
Pavan Kumar Bajaj and Karan Bajaj established Electronics Mart India Ltd (EMIL) as a private company named Bajaj Electronics for their retail electronics and consumer goods operation.
Except two specialty stores under the name “Kitchen Stories,” which cater to kitchen-specific needs, and one specialty store format under the name “Audio & Beyond,” which focuses on high-end home audio and home automation solutions, all of its multi-brand outlets operate under the brand name “Bajaj Electronics.”