IndiaMart's Rs 475 Cr IPO to open on June 24, price band fixed at Rs 970-973 per share
IndiaMart InterMesh on Wednesday said it will launch its initial public offering from June 24 and has fixed a price band of Rs 970-973 per share.
Wednesday June 19, 2019,
2 min Read
IndiaMart InterMesh, an online marketplace for business products and services on Wednesday said it will launch its initial public offering from June 24 and has fixed a price band of Rs 970-973 per share.
The initial public offering (IPO) is of up to 48,87,862 equity shares, according to a statement by the company.
On Friday, the company said that it has raised more than Rs 213 crore from 15 anchor investors by allotting 21,95,038 equity shares at a price of Rs 973, the upper band of its IPO. ICICI Mutual Fund, HDFC Mutual Fund, SBI Mutual Fund, Birla Mutual Fund, Hornbill Capital Advisers LLP are among the 15 anchor investors.
Promoters Dinesh Chandra Agarwal and Brijesh Kumar Agrawal will sell 14,30,109 shares through the issue, while investors Intel Capital (Mauritius), Amadeus IV DPF and Accion Frontier Inclusion Mauritius will offload 33,20,753 shares and 1,37,000 equity shares by other selling shareholders, it added.
At the upper end of the price band, the offer is expected to raise about Rs 475 crore. The issue will open on June 24 and close on June 26.
ICICI Securities, Edelweiss Financial Services and Jefferies India are the book running lead manager to the offer. The equity shares of IndiaMart InterMesh are proposed to be listed on the BSE and the NSE.
IndiaMart InterMesh is an online business-to-business (B2B) marketplace for business products and services.
In March 2016, IndiaMART announced that it raised an undisclosed amount in Series C round led by Amadeus Capital, with participation from Westbridge Capital and the Accion Frontier Inclusion Fund.
Founded in 1999 by Dinesh Agarwal and Brijesh Agrawal, IndiaMART is an online B2B marketplace for business products and services, connecting buyers with suppliers. IndiaMART also focusses 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, which were supplied by over 47 lakh suppliers.
Recently, IndiaMART also said that its mobile application has achieved close to 10 million downloads till date, on the Google Play Store.
UPDATE: This story has been revised to reflect recent developments.