Matrimony.com, which runs the online matchmaking website BharatMatrimony.com, said that it will launch its initial public offering for all bidders on 11 September.
Matrimony.com, which runs the online matchmaking website BharatMatrimony.com, said that it will launch its initial public offering for all bidders on 11 September. The Rs 500 crore IPO will close on 13 September. As many as four companies, including Bharat Road Network Ltd and Matrimony.com, are expected to come out with their IPOs next month to raise over Rs 2,500 crore. Here are the key things to know-
The IPO details
Matrimony.com’s initial public offer (IPO) consists of a fresh issue aggregating up to Rs 130 crore and an offer for sale of up to 3,767,254 equity shares by existing shareholders, according to the draft red herring prospectus filed earlier with SEBI. The total size of the IPO is pegged at around Rs 500 crores.
What the company intends to do
Proceeds from the issue will be utilised for advertising and business promotion activities, purchase of land for construction of office premises in Chennai, repayment of overdraft facilities and general corporate purposes.
About the company
Matrimony.com was launched in 2001 to provide online matchmaking and marriage services. According to their website, the company has over 3,500 employees at 140 branches across India. The company operates multiple portals such as BharatMatrimony.com, communityMatrimony.com and EliteMatrimony.com.
Earlier attempts to go public
Matrimony had filed its draft IPO papers in August 2015. However, the company did not go ahead with the plan. It re-filed the draft papers in May this year, post which it received regulatory approvals in July to go ahead with its public offering.
Outlook for IPOs
India is headed for a record amount of money to be raised in IPOs this year. “It’s a great year, specifically in the context of the last 4-5 years. The year-on-year numbers look good and the absolute dollar amount also looks quite good,” Gautam Chhaochharia, Head of India Research, UBS, said in an interview to Bloomberg television last week, referring to the amount of money the companies are expected to raise this year through initial public offers for sale of shares.