The qualified institutional buyers' book was subscribed 30.83 times, non-institutional investors 62.12 times and retail investors 13.37 times
The initial public offering (IPO) of India's first business-to-business e-marketplace IndiaMart InterMesh was subscribed 36 times on the last day. Planning to raise Rs 475 crore through the IPO, the online platform for business products and services received bids for 9.73 crore shares, according to NSE data.
The qualified institutional buyers' book was subscribed close to 30.83 times, non-institutional investors 62.12 times and retail investors 13.37 times, said a PTI report citing merchant banking sources. The company had raised over Rs 213 crore from anchor investors on Friday.
The IPO is for 48,87,862 equity shares, including anchor portion of 21,95,038 equity shares. Price range for the offer, which opened for bidding on Monday, was Rs 970-973 per share.
BUMPER HARVEST
|
- The qualified institutional buyers' book was subscribed 30.83 times, non-institutional investors 62.12 times and retail investors 13.37 times
- The company had raised over Rs 213 crore from anchor investors last week
|
In a statement, Dinesh Agarwal, founder and managing director, IndiaMart InterMesh, said, "We are confident that together, we will deliver value for all stakeholders in the times to come and will continue to look forward to our increasing contribution towards the growth of the Indian economy and employment by use of technology."
Three private equity (PE) investors – Intel Capital, Amadeus IV DPF and Accion Frontier – are partially divesting their stake in the company through this IPO. As per pre-IPO shareholding structure of IndiaMart, about 56% is held by promoters, 14% by employees as part of employee stock option programme (ESOP) while a bunch of PE investors hold the balance 30%.
After listing on the bourses, the three PE investors exiting partially will collectively hold 12% in IndiaMart InterMesh. The fourth PE investor – Westbridge Crossover Fund LLC – will continue to maintain its shareholding and will become the largest PE investor with around 6% stake in the B2B e-marketplace after the listing.
Competing with the likes of www.tradeindia.com and www.exportersindia.com, IndiaMart boasts of 61 million products listed across 54 industries, 83 million registered buyers and 5.5 million supplier storefronts. About 39% of the suppliers on its platform are also buyers of products and services.
The e-marketplace, according to company management, makes 37 million matches (buyer-seller) every month and has 55% repeat buyers on its platform. With a reach across more than 1,000 cities, it employs 3,316 sales and service representatives across 72 offices in the country.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "E-marketplace")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}