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Sep 13, 2017 10:31 PM IST | Source: Moneycontrol.com

IPO Update: Matrimony.com oversubscribed 4.41 times on last day

The initial public offer (IPO) of Matrimony.com, which runs online match-making portals, was oversubscribed 4.41 times so far on the last day of bidding on Wednesday.

 
 
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The initial public offer (IPO) of Matrimony.com, which runs online match-making portals, was oversubscribed 4.41 times so far on the last day of bidding on Wednesday.

The IPO, with an aim to raise over Rs 500 crore, received bids for 1,24,09,980 shares against the total issue size of 28,11,280 shares, data available with the NSE till 1915 hours showed.

The category reserved for qualified institutional buyers (QIBs) was oversubscribed 1.88 times, non institutional investors 41 per cent and retail individual investors 17.99 times.

Commenting on the oversubscription to the IPO, Murugavel Janakiraman, Founder and Managing Director – Matrimony.com, said, “We are indeed overwhelmed by the response to the IPO, and I would like to thank the public and all our investors for reposing confidence in the positive and unique story of Matrimony.com."

"I also take this opportunity to thank our associates, millions of our members and partners who supported us in the successful journey of 17 years. I’m confident that together we will deliver value for all stakeholders in the years to come,” Janakiraman added.

The issue was fully subscribed on the second day of the IPO. The company had on Friday raised nearly Rs 226 crore from anchor investors.

The price band is Rs 983-985 per share for the IPO which will close tomorrow.

The IPO comprises fresh issue aggregating up to Rs 130 crore and an offer for sale of up to 37.67 lakh equity shares.

Matrimony.com, which runs online match-making business under BharatMatrimony brand is expected to raise over Rs 500 crore.

Net proceeds from the issue will be utilised towards advertising and business promotion activities, purchase of land for construction of office premises in Chennai, repayment of overdraft facilities and general corporate purposes.

Axis Capital and ICICI Securities are the book running lead managers to the offer. The registrar to the offer is Karvy Computershare Private Ltd.

(With inputs from PTI)
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