IndiaMART InterMESH ends debut session with 34% gain over issue price

IndiaMART InterMESH ended its debut session on Thursday at Rs 1,301, a 34 per cent gain over its issue price. The stock hit a high of Rs 1,388 and a low of Rs 1,180 during Thursday’s trade. After listing, the company has a market capitalisation of Rs 3,748 crore.

The Rs 475-crore initial public offering (IPO) of IndiaMART InterMESH was subscribed 36 times last week. The issue has garnered bids for 96.92 million shares, against 2.7 million on offer.

The retail investor portion of the issue was subscribed 13 times, the institutional investor portion 31 times, and the wealthy investor portion 62 times. IndiaMART is the country’s leading online business-to-business (B2B) marketplace. It has around 82.7 million registered buyers.

The company enables the discovery of products and suppliers across 50 industries. According to a KPMG report, it has around 60 per cent market share of the online B2B classifieds space in India in 2016-17.

The IPO was entirely the secondary share sale by promoters and other shareholders. ICICI Securities, Edelweiss Financial Services, and Jefferies India were managing the offer.

Existing investors, who sold shares through the IPO, include venture capital investors Intel Capital, Amadeus Capital Partners, and Quona Capital. IndiaMART was the first company to debut in the markets after the elections. Companies had deferred their fundraising plans due to election-related uncertainties.