KIA, Hornbill Orchid, Steadview among anchor investors in Indiamart

Photo: Mint

IndiaMART InterMESH Ltd, which operates the online business-to-business (B2B) marketplace, 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.