IndiaMart IPO subscribed 36 times on final day

IndiaMart IPO subscribed 36 times on final day
Photo Credit: Photo Credit: VCCircle

Online business-to-business (B2B) marketplace operator IndiaMart InterMesh Ltd said its initial public offering (IPO) has been subscribed 36 times.

The public offering of about 2.7 million shares received bids for nearly 97 million shares as the issue closed on Wednesday, IndiaMart said in a statement.

Qualified institutional buyers bid for 31 times the shares set aside for them. Retail investors bid for 13 times their quota while high-net-worth individuals bid for 62.2 times the shares reserved for them.

The IPO had crossed the halfway mark on its first day on Monday. It was fully subscribed on the second day on Tuesday.

Ahead of the IPO, IndiaMart raised Rs 213.57 crore (around $30.7 million) from anchor investors.

In the IPO, the Delhi-based firm’s promoters Dinesh Chandra Agrawal and Brijesh Kumar Agrawal as well as investors Intel Capital, Amadeus Capital and Accion Frontier Inclusion Fund sold shares.

Founded in 1996, IndiaMart runs an online B2B platform for small and medium businesses that connects global buyers with suppliers. The company operates in nearly 55 categories that include industrial plants & machinery, building & construction, industrial supplies, apparel & garments, food & beverages, hospital & diagnosis instrument, and electronics & electricals.

As of March 31, 2019, the company claimed to have 82.7 million registered buyers and 5.55 million supplier storefronts on its Indian network. These Indian supplier storefronts had listed 60.73 million products, of which 76% of goods were products and 24% were services.