Emkay to enter capital market with IPO of 62,50,000 equity shares
Mumbai, Mar 23 (UNI) Emkay Share and Stock Brokers Limited will enter the capital market with an IPO of 62,50,000 equity shares of Rs 10 each, in a price band of Rs 100 to Rs 120 per share, through the 100 per cent book-building route.
The issue will open on March 31.
A Emkay release here today said that the proceeds of the issue will be utilised for expansion of the company's operations and branch network in India and overseas as well as for technology investment in the company's existing business, scaling up of its e-broking business, investment in subsidiaries and augmenting its working capital requirement.
At least 9.07 lakh shares have been reserved for subscription by non-institutional investors and at least 21.17 lakh shares for subscription by retail investors, said the release and pointed out that post-IPO, Emkay's promoter holding will be 72 per cent.
The company has a strong retail distribution and a customer base of over 17,000 clients for its broking services.
The release said that the company was gradually shifting its focus to the retail segment from its primary focus on institutional broking.
Presently, the company has 17 branches and 24 franchisees, which it intends to expand to 100 soon, said the release, adding that the company also intends to set up two overseas offices in Singapore and Dubai and six regional offices in India.
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