The initial public offering of IndiaMart InterMesh received a strong response from all categories of investors with an oversubscription of 36 times.
Against an issue of 26.92 lakh shares, the IPO received bids for 9.71 crore shares. The public issue came out at a price band of ₹970-973 a share.
The portion reserved for qualified institutional buyers (QIBs) has received bids for 30.83 times, while non-institutional investors have bid for just 62.13 per cent. Small retail individual investors too showed great interest in the company, as the category reserved for them was subscribed 13.37 times.
The total IPO size is of 48.88 lakh shares, including anchor portion of 21.95 lakh shares. Ahead of the IPO, IndiaMart allocated 21.95 lakh shares at ₹973 a share worth ₹213.57 crore to 15 anchor investors.
IndiaMart InterMesh is the country’s largest online B2B marketplace for business products and services with approximately 60 per cent market share of the online B2B classifieds space in India in fiscal 2017, according to KPMG.
Dinesh Agarwal, MD and Founder, IndiaMart InterMesh, said, “We are overwhelmed by the record response we received from the investors for our IPO. It is a matter of honour for IndiaMart that investors have shown faith and trust in us and our business model. We are confident that together we will deliver value for all stakeholders in the times to come and will continue to look forward to our increasing contribution towards the growth of the Indian economy and employment by use of technology.”