IndiaMART IPO subscribed 51 pc on first day of bidding

The initial public offer (IPO) of IndiaMART InterMESH, an online marketplace for business products and services, was subscribed 51 per cent on the first day of bidding on Monday.

The IPO, to raise about Rs 475 crore, received bids for 13,57,365 shares against the total issue size of 26,92,824 shares, as per data available with the NSE.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 76 per cent, non institutional investors subscribed 1 per cent and retail individual investors subscribed 49 per cent.

The offer is for 48,87,862 equity shares, including anchor portion of 21,95,038 equity shares.

Bidding for the IPO, whose price range has been fixed at Rs 970-973 per share, would close on Wednesday.

At the upper end of the price band, the offer is expected to raise about Rs 475 crore.

IndiaMart InterMesh raised more than Rs 213 crore from anchor investors on Friday.

ICICI Securities Ltd, Edelweiss Financial Services Ltd and Jefferies India Pvt Ltd are managing the IPO.

The shares are proposed to be listed on the BSE and the National Stock Exchange.