The initial public offer of IndiaMart InterMESH, an online marketplace for business products and services, was fully subscribed on Tuesday, the second day of bidding.
The IPO, which looks to raise about Rs 475 crore, received bids for 27,94,440 shares against the total issue size of 26,92,824 shares, translating into 1.04 times subscription, as per data available with the National Stock Exchange (NSE).
The category meant for qualified institutional buyers (QIBs) was subscribed 1.05 times, non institutional investors four percent, and retail individual investors 2.48 times. The IPO, which is scheduled to close Wednesday, is of 48,87,862 equity shares, including anchor portion of 21,95,038 equity shares.
Price range for the offer was fixed at Rs 970-973 per share. At the upper end of the price band, the offer is expected to raise about Rs 475 crore.
Founded by cousins Dinesh Agarwal and Brijesh Agrawal in 1996 with seed money of Rs 40,000, IndiaMart InterMesh is an online B2B marketplace for business products and services, connecting buyers with suppliers. The company focuses on providing a platform to Small & Medium Enterprises (SMEs), large enterprises, as well as individuals.
The 23-year-old company was set up at the height of the dot com boom and went on to survive the bust. IndiaMart has raised a total of $40.7 million in funding over four rounds.
As of FY18, IndiaMart had close to 5.98 crore registered buyers and a catalogue of over five crore products, supplied by over 47 lakh suppliers. Its mobile app has close to 10 million downloads to date on the Google Play Store.
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 offer.
The shares are proposed to be listed on the BSE and the National Stock Exchange.