| Sanjeev Bikhchandani has plenty of reason to smile with the “unexpected” response to the Info Edge issue.
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| An economics graduate from St Stephen’s College, Delhi, who quit a corporate career in 1990 to set up Info Edge, 42-year-old Bikhchandani and his wife Surabhi are worth Rs 722 crore with Info Edge’s shares closing at Rs 593 today.
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| Co-promoter Hitesh Oberoi who holds 7.60 per cent shares is worth Rs 123 crore while Surabhi’s worth, post-issue, is 44.60 per cent of Info Edge’s shares.
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| Info Edge is the first Indian dotcom company to hit the domestic bourses. Earlier, Indian dotcom firms such as Rediff and Sify went public but, they were listed on the Nasdaq (US). The IPO of Info Edge, promoter of jobs portal naukri.com, was subscribed 54.77 times. The shares today were listed at a premium of 50 per cent over its issue price of Rs 320 at Rs 480, hit a high of Rs 624 in noon deals and finally closed at Rs 593 - a gain of 85 per cent (Rs 273).
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| “We are very pleased with the support we got. We did not expect such an overwhelming response. People have a lot of expectations from us and we will now work towards fulfilling them,” Bikchandani told Business Standard. Oberoi concurred with his view.
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| Prior to the issue, Bikchandani held 53.71 per cent of Info Edge. In September 2006, he sold a chunk of his holding at Rs 245 per share, netting about Rs 10 crore. In May 2006, Kleiner Perkins Caufield & Byers and Sherpalo Ventures had picked up close to five per cent stake in Info Edge for $6 million. ICICI Venture also owns a stake in Info Edge and had invested Rs 7.29 crore in 2000.
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| Info Edge generated a total income of Rs 84.05 crore for the fiscal year ended March 31, 2006, and reported a net profit of Rs 13.29 crore. Its recruitment classified and related services are being offered through naukri.com and Quadrangle (an offline executive search business) accounting for 92 per cent of its total revenue. |
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