The public issue of IndiaMART InterMESH was subscribed by nearly 36 times on the last day of bidding Wednesday.
The public issue of IndiaMART InterMESH was subscribed by nearly 36 times on the last day of bidding Wednesday. The offer received bids for 9,66,86,235 shares against the total issue size of 26,92,824 shares, according to the NSE data, implying a subscription of 35.91 times. The initial public offer (IPO) of the online marketplace for business products and services aims to raise Rs 475 crore.
The public offer is of 48,87,862 equity shares including an anchor portion of 21,95,038 equity shares. The price range for the IPO, which opened for bidding on Monday, has been fixed at Rs 970-973 per share. On Friday, the company 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 would be listed on the BSE and the National Stock Exchange.
The public offer will see selling of 14,30,109 shares by the company promoters Dinesh Chandra Agarwal and Brijesh Kumar Agrawal. In addition, the holding of the company promoters would come down from 58 per cent to 53 per cent after the public offer. The company would not receive any proceeds from the public offer.
The different sources of revenue for IndiaMART InterMesh are the sale of subscription packages, request for quotes or “RFQ” credits, advertising from IndiaMART desktop, mobile optimised platforms and payment facilitation services. The company had 129,589 paying subscription customers in its three different packages in the last fiscal.
In the past six months, the other companies that came up with IPOs include Neogen Chemicals Limited, Polycab India Limited, Metropolis Healthcare Limited, Rail Vikas Nigam Limited, MSTC Limited, Chalet Hotels Limited, Xelpmoc Design and Tech Limited.