The initial public offering (IPO) of IndiaMart InterMESH Ltd, which operates Indiamart.com, one of the largest online listing platforms for small and medium businesses in India, was fully subscribed on Tuesday, the second day of the IPO.
As of 5pm, the offering was subscribed 104%. The portion of the share sale reserved for institutional investors was subscribed 104%, while that reserved for retail and HNI investors was subscribed 248% and 4%, according to data from stock exchanges.
The company has priced its shares in the range of ₹970-973 apiece. The public offering opened on Monday.
Earlier on Friday, the company raised ₹213. 57 crore through an anchor allotment, selling shares to 15 including venture capital firm SAIF Partners India, Hornbill orchid India Fund, Steadview Capital Mauritius Ltd and Malabar India.
The proposed initial share sale offering will close on 26 June.
At the upper end of the price band, the IPO is worth ₹475.5 crore.
Existing investors selling shares through the IPO include venture capital investors Intel Capital, Amadeus Capital Partners and Quona Capital. Intel Capital is selling shares worth ₹252 crore.
IndiaMart is the first company to test the IPO market in the NDA government’s second tenure.
ICICI Securities, Edelweiss Financial Services and Jefferies are managing the IndiaMart initial share sale.
This article was first published on livemint.com.