IndiaMart InterMesh, an online marketplace for business products and services, made a strong debut on BSE and NSE today with the stock listing at a premium of 21.27% at 1180 level compared to its issue price of Rs 973 per share.
IndiaMart InterMesh stock touched an intra day high of Rs 1265 on BSE. Its market capitalisation rose to Rs 3,627.35 crore.
The IPO of IndiaMart InterMesh was carried out from June 24 to June 26 in a price band of Rs 970-973 per share. IndiaMart has become the first company to list on the bourses in Modi government’s second tenure. The initial public offering of IndiaMart received an overwhelming response from all investors with a subscription of 36.16 times.
The Rs 475-crore IPO received bids for 9,73,85,775 shares against the total issue size of 26,92,824 shares, according to the NSE data. The qualified institutional buyers’ book was subscribed close to 30.83 times, non-institutional investors 62.12 times and retail individual investors 13.37 times, according to merchant banking sources.
IndiaMart InterMesh raised more than Rs 213 crore from anchor investors on June 24.
15 anchor investors were allotted 21,95,038 equity shares at a price of Rs 973, the upper band of its IPO that opened on June 24.
ICICI Mutual Fund, HDFC Mutual Fund, SBI Mutual Fund, Birla Mutual Fund, Hornbill Capital Advisers LLP were among the 15 anchor investors.
Promoters Dinesh Chandra Agarwal and Brijesh Kumar Agrawal sold 14,30,109 shares through the issue, while investors Intel Capital (Mauritius), Amadeus IV DPF and Accion Frontier Inclusion Mauritius offloaded 33,20,753 shares and 1,37,000 equity shares by other selling shareholders.
On July 2 last year, the Noida-based firm filed draft papers with market regulator SEBI for its public market debut. IndiaMart InterMesh is an online business-to-business marketplace for business products and services.