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Indiamart InterMESH shares made a strong debut on stock markets today. Indiamart shares surged as much as 35.40 per cent to Rs. 1,317.70 on the National Stock Exchange from its issue price of Rs. 973. On the BSE, Indiamart shares surged 37.60 per cent to touch high of Rs.1339.00 from its issue price. During the pre-market discovery price, Indiamart shares opened for trading at Rs. 1,180 and from that level the stock climbed 13.44 to intraday high.
Indiamart share price surged over 35%. Here is all you need to know:
Indiamart shares saw good interest for its shares in the Initial Public Offering (IPO) from investors as the issue was subscribed more than 36 times on its final day of the issue.
Indiamart raised Rs. 476 crore from the IPO which was an offer for sale (OFS) by its promoters Dinesh Chandra Agarwal and Brijesh Agrawal along with Intel Capital (Mauritius), Amadeus IV DPF Limited and Accion Frontier Inclusion Mauritius.
IndiaMart sold equity shares of the face value of Rs. 10 each in the price band of Rs. 970-973 per share between June 24 and 26.
The Delhi-based IndiaMart InterMESH is an online marketplace and business-to-business (B2B) classifieds platform.
The company enables the discovery of products across 50 industry categories. IndiaMart provides lead-generation services to sellers listed on its platform and earns revenue through subscription fee paid by the sellers.
As of the financial year 2018-19, the company had 55 lakh sellers listed on its platform with products across 97,000 categories. The number of suppliers using paid services has increased from 72,000 in the financial year 2015-16 to 130,000 in 2018-19, Angel Broking said in a note.