The initial public offer of IndiaMART InterMESH, an online marketplace for business products and services, was fully subscribed on the second day of bidding on Tuesday.
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 NSE.
On the first day, the IPO received bids for 13,57,365 shares against the total issue size of 26,92,824 shares.
The category meant for qualified institutional buyers (QIBs) was subscribed 1.05 times, non institutional investors 4 per cent 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.
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.
What is IndiaMart?
IndiaMart is a B2B e-commerce marketplace that started in 1996. The company started operations when Dinesh Agarwal and Brijesh Agrawal founded the website IndiaMART.com, a business-to-business (B2B) portal to connect Indian manufacturers with buyers. The company focuses on connecting Small and Medium Enterprises (SMEs) as well as large enterprises with suppliers.
Indiamart claims a 60 per cent market share in the B2B e-commerce segment in India.
According to an Indian Brand Equity Foundation (IBEF) report, India's e-commerce sector is the world's fastest growing in its category, with revenue expected to reach $120 billion by 2020—a 51 per cent annual rate of growth
In early 2009, the company received 50 crore Series A round funding from Intel Capital, a part of which was invested in IndiaMART, One97 Communications and Global Talent Track. In March 2016, it raised Series C Funding from Amadeus Capital Partners and Quona Capital. It is claimed that these funds will be used to scale up the activities of IndiaMART and Tolexo.
In June 2018, IndiaMART has filled draft papers with SEBI to raise $88.24 million through IPO and list on NSE and BSE exchange.
—With inputs from PTI