IPO Update: Indiamart makes a stellar debut

E-commerce company Indiamart Intermesh debuted on the stock market at a price of Rs. 1,180.00 per share against its issue price of Rs. 973 per share on Thursday. The stock was trading more than 35 per cent premium to its issue price in the morning session.

The equity shares of Indiamart (Scrip Code: 542726) are listed under 'B' Group Securities. Its initial public offering (IPO) was open for subscription from June 24 to May 26 and was subscribed 36.21 times. The issue was for 4,887,862 equity shares of the company, of which 2,195,038 shares were offered to anchor investors. Seven mutual funds subscribed to the anchor portion picking up1,081,902 share through 20 schemes.

Indiamart operates India's largest online business to business (B2B) marketplace. The company provides a platform for product sellers and supplier to connect with buyers through its website (www.indiamart.com) and mobile app (IndiaMART). The company earns most of its revenues from the sale of subscription packages, besides advertising and revenue from payment facilitation services.

On its listing day, at 10:32 hours, the stock of Indiamart was trading at Rs. 1,320.15 per share, up by 11.00 per cent from its listing price and up 35.68 per cent from its issue price. The stock's circuit band is placed at 20 per cent.