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Private euqity-backed IndiaMart InterMesh Ltd, an online B2B marketplace for business products and services, intends to raise about Rs 475.5 crore through an Initial Public Offering (IPO) at the higher end of the price band.
The company, which operates Indiamart.com, has fixed the price band at Rs 970–Rs 973. The IPO is scheduled to open on Monday (June 24) and close on Wednesday (June 26). The company will not receive any proceeds from the offer and the entire proceeds will go to the selling shareholders, it said in a statement.
The IPO consists of up to 4,887,862 shares of Indiamart Intermesh with Offer for Sale of up to 25.90 lakh shares by Intel Capital (Mauritius) Ltd, computer chipmaker Intel Corp’s venture capital arm.
Amadeus IV DPF Ltd, a fund of private equity major Amadeus Capital, will offload up to 2.56 lakh shares, while Accion Frontier Inclusion Mauritius – a fund owned by Quana Capital - will sell up to 4.75 lakh shares, it said.
Promoters Dinesh Chandra Agarwal and Brijesh Kumar Agrawal will offload 5 per cent stake in the company.
This would be the first IPO to hit the market after the new Modi government has come to power.
ICICI Securities, Edelweiss Financial Services and Jefferies India are the book-running lead managers (BRLMs) to the IPO. Following the IPO, the company intends to list its shares on the BSE and NSE.
As of March 31, 2019, IndiaMart InterMesh had 82.70 million registered buyers and 5.55 million supplier storefronts in the country.
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