Intel Capital-backed Indiamart set to launch IPO this month

Photo: Pixabay

IndiaMART InterMESH Ltd, which operates Indiamart.com, one of the largest online listing platforms for small and medium businesses in India, is set to become the first company to test the IPO market in Modi government’s second tenure.

The company is planning to launch its initial public offering on 24 June to raise around ₹600-650 crore, a person aware of the company’s plans said. Indiamart will announce the price range for the public offering tomorrow.

Indiamart’s IPO will also see three of its private equity and venture capital investors make a part exit from the company. Investors selling shares through the IPO include Intel Capital, Amadeus Capital Partners and Accion, according to the draft red herring prospectus (DRHP) filed by the company.

The first five-year term of Prime Minister Narendra Modi witnessed 118 IPOs, which collectively raised ₹1.44 trillion from investors, according to data from primary market tracker Prime Database.

ICICI Securities, Edelweiss Financial Services and Jefferies are managing the Indiamart initial share sale.

Indiamart’s online marketplace provides a platform for mostly business buyers to discover products and services and contact the suppliers. As of 31 March 2018, the company had 59.81 million registered buyers and 4.72 million suppliers. These suppliers had listed 50.13 million products, of which 75% of goods comprised products and 25% were services, according to the DRHP.

The company’s operating revenue increased to ₹403.5 crore in fiscal 2018 from ₹308.6 crore in the previous year. However, losses widened to ₹72.4 crore in fiscal 2018 against a loss of ₹13 crore in the previous financial year.

This article was first published on livemint.com

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.