IndiaMart's IPO Opens, Company Offers Shares at Rs 970-973 Each
IndiaMART InterMESH is India’s largest online B2B marketplace for business products and services with approximately 60% market share of the online B2B classifieds space in India in fiscal 2017.
IndiaMart InterMESH Ltd, the operator of Indiamart.com, said on Wednesday that the company’s initial public offering (IPO) is open for subscription from 24 June to 26 June. The company offers a total of 4.88 million shares of face value of Rs 10 each at a price of Rs 970-973 apiece, according to a report in Livemint.
At the upper end of the price band, the IPO would be worth Rs 475.5 crore. The equity shares are proposed to be listed on both BSE and the National Stock Exchange of India (NSE). ICICI Securities, Edelweiss Financial Services and Jefferies are managing the IndiaMart initial share sale.
The IPO will also see promoters Dinesh Chandra Agarwal and Brijesh Agrawal offloading a total of 1.4 million shares.
Existing investors who are offloading a part of their Indiamart shares through the IPO include venture capital investors Intel Capital, Amadeus Capital Partners and Quona Capital.
In the company’s draft red herring prospectus on BSE filed in June last year, the company had said it would be making an offering of up to 4,288,801 equity shares of face value of Rs 10 each. According to the statement, Intel Capital will sell 2.07 million shares, while Amadeus IV DPF, an investment unit of Amadeus Capital, and Accion Frontier Inclusion Mauritius will sell 170,502 and 475,000 equity shares, respectively.
IndiaMART InterMESH is India’s largest online B2B marketplace for business products and services with approximately 60% market share of the online B2B classifieds space in India in fiscal 2017, according to KPMG. The marketplace provides a platform for business buyers to discover products and services and contact the suppliers.
As on 31 March 2018, the company had 4.72 million supplier storefronts with listed 50.13 million products and 59.81 million registered buyers.
The company posted revenue of Rs 429 crore in 2017-18 and operating profit of Rs 46 crore. The company said earlier this year that it expected to grow at a compounded annual growth rate (CAGR) of 29% for the next two years.
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