IndiaMart InterMesh, an online marketplace for business products and services, will launch its initial public offer (IPO) from June 24 and has fixed a price band of Rs 970-973 per share. IndiaMart will become the first company to test the IPO market in Modi government's second tenure.
The IPO is expected to raise about Rs 475 crore at the upper end of the price band. The issue will open on June 24 and close on June 26.
The initial public offering (IPO) will comprise sale of 48,87,862 equity shares via IPO, the company said.
ICICI Securities, Edelweiss Financial Services and Jefferies India are the book running lead managers to the offer.
The equity shares of IndiaMart InterMesh are proposed to be listed on the BSE and the National Stock Exchange.
Promoters Dinesh Chandra Agarwal and Brijesh Kumar Agrawal will sell 14,30,109 shares through the issue, while investors Intel Capital (Mauritius), Amadeus IV DPF and Accion Frontier Inclusion Mauritius will offload 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.
The E-commerce firm expects to maintain a compounded annual growth rate (CAGR) of 29% for the next two years, mainly on account of big brands joining the platform, IndiaMart's co-founder and CEO Dinesh Agarwal said recently.
The business-to-business (B2B) company, which is in the process of getting listed, posted revenue of Rs 429 crore in 2017-18 and operating profit of Rs 46 crore.
"Last three years, our revenue has grown at CAGR of 29 percent. Similar growth should be possible this year and next year also," Agarwal said.
"We have been generating internal cash which we will deploy once we get listed. We have democratised information for around five crore products with 47 lakh suppliers through our platform. Most of the firms listed on our platform are small and medium enterprises. Now, we are going to focus on big brands," Agarwal said.
Edited by Aseem Thapliyal