IndiaMART InterMESH, which operates Indiamart.com, an online listing platform for small and medium businesses in India, will launch its initial public offering (IPO) on June 24. The firm is planning to raise Rs 475 crore. The company has priced its IPO between Rs 970 and Rs 973 per share. The offer will close on June 26.
Intel Capital, Amadeus Capital Partners and Quona Capital will make a partial exit through the IPO. The IPO is purely offer for sale and the company will not receive any proceeds. ICICI Securities, Edelweiss Financial Services and Jefferies are managing the IndiaMART initial share sale.
IndiaMART’s online marketplace provides a platform for business buyers to discover products and services, and contact the suppliers of such business products and services. As of March 31 2019, the company had 82.7 million registered buyers and 5.5 million suppliers.
IndiaMART is the first firm to hit the primary markets with an IPO after the election. Companies had deferred their fundraising plans due to election-related uncertainties.