The initial public offering (IPO) of India’s online marketplace for business products and services, IndiaMart InterMesh was subscribed 36 times on the last day.
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.
As per the merchant banking sources, 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.
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.
The objective of this IPO issue is to avail benefits of listing the shares on stock exchanges and for the offer for sale (OFS), and to enhance its visibility and brand image at the same time thereby providing liquidity to shareholders.
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.”
The company enables discovery of products and suppliers across 50 industries. It has close to 60 per cent market share of the online B2B classified advertisement space in India in FY17, according to a KPMG report.
IndiaMart had allotted shares worth Rs. 213 crore to anchor investors on Friday. ICICI Securities, Edelweiss Financial Services and Jefferies India were managing the offer.