Electronics Mart India has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 500 crore through an initial public offering (IPO).
The company intends to utilise the net proceeds to fund its capital expenditure and incremental working capital requirements to the extent of Rs 133.8 crore and Rs 200 crore, respectively. In addition, Rs 50 crore will be used towards payment of debt. Funds will also be used for general corporate purposes. Anand Rathi Advisors, IIFL Securities and JM Financial are the book running lead managers to the issue.
Electronics Mart India is one of the fastest growing companies in the retail of consumer durables and electronics. Its multi brand outlets operate under the brand names of Bajaj Electronics other than two specialized stores under the name of 'Kitchen Stories' catering to kitchen specific requirements.
