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The initial public offering of IndiaMart InterMesh, an online marketplace for business products and services, saw 51 percent subscription on the first day of bidding today.
The IndiaMart IPO, which aims to raise about Rs 475 crore, received bids for 13.57 lakh shares against the total issue size of 26.93 lakh shares, according to data available with the National Stock Exchange.
The portion reserved for qualified institutional investors was subscribed 76 percent, non-institutional investors 1 percent and retail investors 49 percent. The IndiaMart IPO is for 48.88 lakh equity shares, including anchor portion of 21.95 lakh equity shares.
Bidding for the IndiaMart IPO, whose price band has been set at Rs 970-973 per share, would close on Wednesday. At the upper end of the price band, the offer is expected to raise about Rs 475 crore.