IndiaMart was over-subscribed by 37 times
IndiaMart is a local business success, which grew by making small businesses successful. It is a 23 year old internet business, one of the…
IndiaMart is a local business success, which grew by making small businesses successful. It is a 23 year old internet business, one of the earliest ones in India. Its shares was oversubscribed by nearly 37 times.
Mint reports: Shares of IndiaMart InterMesh Ltd listed at a 21% premium on Thursday, against its issue price of ₹973, which was the upper end of the company’s public offer price band of ₹970–973 per share. The business-to-business online platform’s ₹475 crore initial public offer (IPO) was subscribed 36.16 times last week. IndiaMart InterMesh shares opened at ₹1,180 a piece on the BSE. At 1.25 pm, it traded 32% higher from its issue price at ₹1,277. So far today, the stock touched an intraday high of ₹1,339, up 38% from its issue price.
Kunal Bahl, founder of Snapdeal tweeted, “Interestingly only 2 months after the website went live, my father got a lead for an export order from Europe which thereafter changed the fate of his business. That company which helped him take his modest manufacturing business international was IndiaMART.”
IndiaMart’s success will unlock the public markets for other internet companies. Currently they only rely on the private investment in the form of venture capital investment.