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Last Updated : Jun 19, 2019 03:48 PM IST | Source: Moneycontrol.com

IndiaMart InterMesh IPO to open on June 24, price band set at Rs 970-973

Company will not receive any proceeds from the offer and the same will go to the selling shareholders

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India's largest online B2B marketplace IndiaMart InterMesh is set to launch its initial public offering for subscription on June 24, with a price band at Rs 970-973 per share. The public issue will close on June 26

For anchor investors, the offer will be open on June 21.

The IPO of up to 48,87,862 equity shares is an offer for sale by promoters and investors. The company aims to raise around Rs 475 crore through the public issue at the higher end of the price band.

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The offer for sale includes up to 25,90,000 shares by Intel Capital (Mauritius), 2,55,753 shares by Amadeus IV DPF Limited and 4,75,000 shares by Accion Frontier Inclusion Mauritius (investor selling shareholders).

Promoters who are selling shares through the offer for sale include Dinesh Chandra Agarwal (selling up to 8,52,453 shares), and Brijesh Kumar Agrawal (5,77,656 shares); while other shareholders will sell up to 1,37,000 shares.

The offer includes a reservation for subscription by eligible employees of 10,000 equity shares.

The company will not receive any proceeds from the offer and the same will go to the selling shareholders.

IndiaMart InterMesh primarily operates through its product and supplier discovery marketplace, indiamart.com. Its online marketplace provides a platform for mostly business buyers, to discover products and services and contact the suppliers of such business products and services.

As of March 31, 2019, the company had 82.70 million registered buyers and had 5.55 million supplier storefronts in India. These Indian supplier storefronts had listed 60.73 million products as of March 31, 2019 of which 76 percent of goods and 24 percent were services.

The company also provides a robust two-way discovery marketplace connecting buyers and suppliers.

ICICI Securities Limited, Edelweiss Financial Services Limited and Jefferies India Private Limited are the book running lead manager to the offer. Equity shares are proposed to be listed on BSE and NSE.

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First Published on Jun 19, 2019 03:48 pm
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