IndiaMart IPO opens on June 24, price band at Rs 970-973

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Mumbai | Published: June 20, 2019 1:23:06 AM

IndiaMart InterMesh is planning to raise Rs 475.6 crore through an initial public offering (IPO).

The company has set a price band of Rs 970-973 per share for its IPO.

IndiaMart InterMesh is planning to raise Rs 475.6 crore through an initial public offering (IPO).

IndiaMart is an online B2B marketplace for business products and services with approximately 60% market share of the online B2B classifieds space in India during
fiscal 2017, according to a KPMG report.

The company has set a price band of Rs 970-973 per share for its IPO. The anchor investor bid/issue period shall be on June 21, 2019 being one working day prior to the issue opening date. The IPO is scheduled to open on June 24 and close on June 26.

Bids can be made for a minimum of 15 equity shares and multiples of 15 thereof. ICICI Securities, Edelweiss Financial Services and Jefferies India are the book running lead manager (BRLMs) to the issue.

Shares of IndiaMart InterMesh are proposed to be listed on the BSE and the National Stock Exchange.

The IPO is an offer for sale wherein private equity players Intel Capital (Mauritius), Amadeus IV DPF, Accion Frontier Inclusion Mauritius, Dinesh Chandra Agarwal (managing director) and Brijesh Kumar Agrawal will collectively sell 48.87 lakh equity shares. The company will not receive any proceeds from the offer and the entire proceed will go to the selling shareholders, in proportion to shares offered and sold by them.

The offer also includes reservation of 10,000 equity shares for subscription by eligible employees. Indiamart provides a platform for business buyers to discover products and service and contract suppliers of such business products and services.

Metropolis Healthcare, Polycab India and Neogen Chemicals were the companies that got listed in April 2019.

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