 "IndiaMart IPO subscribed 36 times; receives bids for 96.92 mn shares")
The initial public offering (IPO) of IndiaMart InterMesh was subscribed 36 times on Wednesday, the final day of the offer. The issue received bids for 96.92 million shares, as against 2.7 million on offer.
The retail investor portion of the issue was subscribed 13 times, the institutional investor portion 31 times, while the high networth investor portion was subscribed 62 times. Indiamart is a leading online business-to-business (B2B) marketplace. It has around 82.7 million registered buyers.
The firm enables discovery of products and suppliers across 50 industries. According to a KPMG report, it has close to 60 per cent market share of the online B2B classified advertisement space in India in FY17.
The IPO comprised entirely of secondary share sale by promoters and other shareholders. IndiaMart had allotted shares worth Rs 213 crore to anchor investors on Friday. ICICI Securities, Edelweiss Financial Services and Jefferies India were managing the offer.
Existing investors selling shares through the IPO include venture capital investors Intel Capital, Amadeus Capital Partners and Quona Capital. IndiaMart is the first company to launch an IPO after the election.
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