IndiaMart IPO subscribed over 36 times on final day of bidding
The initial public offering of IndiaMART InterMESH, an online marketplace for business products and services, was subscribed 36.16 times on the final day of bidding Wednesday.
The Rs 475-crore IPO received bids for 9,73,85,775 shares against the total issue size of 26,92,824 shares, according to the NSE data till 1900 hours.
The qualified institutional buyers' book was subscribed close to 30.83 times, non-institutional investors 62.12 times and retail individual investors 13.37 times, according to merchant banking sources.
Dinesh Agarwal, Founder & CEO of IndiaMart
The initial public offering (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.
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."
IndiaMART InterMESH had raised more than Rs 213 crore from anchor investors on Friday.
ICICI Securities Ltd, Edelweiss Financial Services Ltd and Jefferies India Pvt Ltd were the managers to the offer.
The shares of the company are proposed to be listed on the BSE and the National Stock Exchange.
Founded by cousins Dinesh Agarwal and Brijesh Agrawal in 1996 with seed money of Rs 40,000, IndiaMart InterMesh is an online B2B marketplace for business products and services, connecting buyers with suppliers. The company focuses on providing a platform to Small & Medium Enterprises (SMEs), large enterprises, as well as individuals.
As of FY18, IndiaMart had close to 5.98 crore registered buyers and a catalogue of over five crore products, supplied by over 47 lakh suppliers. Its mobile app has close to 10 million downloads to date on the Google Play Store.
The initial public offer (IPO) of IndiaMART InterMESH was subscribed 51 percent on the first day of bidding on Monday.