People are lining up outside Apple stores in India to get their hands on the latest iPhone 15. Stores in Mumbai, and Delhi have long queues outside, with Apple fanatics waiting hours in line to get inside. Now, this is nothing new, with every new launch, Apple loyalists flock to stores to grab the latest model.
But, instead of lining up at the stores what if you bought the shares of these retailers instead? One such retailer is Electronics Mart, which owns the brand IQ, which is an authorised Apple reseller.
The Investment: So if you invested ₹1 lakh in Electronics Mart IPO last year in October, you might have been able to get 6 lots or 1,524 shares of the company, as the IPO’s upper price band was ₹59. Today those 1,524 shares would have been worth ₹2.16 lakh, more than doubling your money.
Background: The Electronics Mart IPO was subscribed by over 71 times. The QIB section was subscribed over 160 times. Electronics Mart is a major electronics retailer in South India. During the April-June quarter, the company reported revenues of approximately ₹1,700 crore, with a profit of ₹60 crore.
The stock is at lower circuit today as promoters Pavan Kumar Bajaj and Karan Bajaj sold their shares to adhere to the minimum public shareholding rule. Motilal Oswal Mutual Fund picked up 60 lakh shares of the company.
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Price Action: Electronics Mart’s share price was locked in 5% lower circuit at ₹142.90 on Friday afternoon.
Disclaimer: Benzinga India doesn’t give financial advice. The above article is for educational purposes alone.
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