KIA, Hornbill Orchid, Steadview among anchor investors in Indiamart

Photo: Mint

IndiaMART InterMESH Ltd, which operates the online business-to-business (B2B) marketplace Indiamart.com, on Friday raised Rs 213.57 crore (about $30.5 million) from anchor investors ahead of its initial public offering (IPO), according to stock exchange filings.

The funds were raised from 15 anchor investors including venture capital funds, hedge funds, and a sovereign wealth fund. The company is planning to launch its IPO on June 24 to raise around Rs 600-650 crore, Mint recently reported.

“The IPO committee of the company at their meeting held on June 21, 2019 in consultation with ICICI Securities Limited, Edelweiss Financial Services Limited and Jefferies India Private Limited as the book running lead managers to the offer, has finalised allocation of 2,195,038 equity shares to anchor investors at an anchor investor allocation price of Rs 973 per equity share,” IndiaMART InterMESH Limited said in a regulatory filing.

Anchor investors include Hornbill Orchid India Fund, venture fund SAIF India VI FII Holdings Ltd, Kuwait Investment Authority Fund 225, Steadview Capital Mauritius Limited, Malabar India Funds, and Sylebra Capital Partners Master Fund Ltd.

Hornbill Orchid India Fund is an India-focused firm partly owned by one of China’s oldest private equity managers, Orchid Asia, while Kuwait Investment Authority (KIA) is the oldest sovereign wealth fund in the world.

Indiamart’s three investors, Intel Capital, Amadeus Capital Partners and Accion, are expected to make a partial exit from the firm through the IPO, according to the draft red herring prospectus (DRHP) filed by the company.

Indiamart’s online marketplace provides a platform for business buyers to discover products and services and connect with suppliers. As of 31 March 2018, the company had 59.81 million registered buyers and 4.72 million suppliers on its platform.

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.

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.