The public issue of IndiaMART InterMESH was fully subscribed on the second day of bidding Tuesday.
The public issue of IndiaMART InterMESH was fully subscribed on the second day of bidding Tuesday. The initial public offer (IPO) of the online marketplace for business products and services received bids for 27,94,440 shares against the total issue size of 26,92,824 shares, implying 1.04 times subscription, according to the NSE data. The IPO, which aims to raise nearly Rs 475 crore, was subscribed 1.05 times by the qualified institutional buyers (QIBs), 4 times by the non-institutional investors and 2.48 times by the retail individual investors, the exchange data showed.
The public offer which closes on Wednesday includes 48,87,862 equity shares including anchor portion of 21,95,038 equity shares. The price range has been fixed at Rs 970-973 per share. The IPO targets to raise nearly Rs 475 crore at the upper end of the price band. On Friday, the public offer raised over Rs 213 crore from anchor investors. ICICI Securities Ltd, Edelweiss Financial Services Ltd and Jefferies India Pvt Ltd are managing the offer. The shares of IndiaMART InterMESH are proposed to be listed on the BSE and the NSE.
The firm will not receive any proceeds from the IPO. The promoters Dinesh Chandra Agarwal and Brijesh Kumar Agrawal will sell 14,30,109 shares through this public offer and the holding of the promoters of the company will decrease from 58 per cent to 53 per cent after the public offer.
The sale of subscription packages, request for quote or “RFQ” credits, advertising from IndiaMART desktop, mobile optimised platforms and payment facilitation services are the sources of revenue for IndiaMart InterMesh. The company had 129,589 paying subscription customers in its three different packages in the last fiscal.