On Thursday, IndiaMart InterMesh Ltd made a strong debut at the stock market, listing at a premium over its issue price.
The scrip opened around 21 percent higher on NSE at Rs 1,180 apiece when compared to its issue price of Rs 973. These shares jumped around 25 percent to touch an high of Rs 1,338.
The initial public offering (IPO) of IndiaMart, which was open between 24 to 26 June was subcribed over 36 times. The OFS (offer for sale) was made at a price range of Rs 907-973/share.
A total of 4.28 million shares were offered by the company's promoters and three of its private equity and venture capital investors, that made part exits. The book running lead managers to the IPO were ICICI Securities Limited, Edelweiss Financial Services Limited and Jefferies India Private Limited.
The company primarily operates through its product and supplier discovery marketplace, indiamart.com.
IndiaMart is a B2B market place for business products and services for manufacturers, wholesalers, exporters or retailers. As of 31 March 2019, the company had 82.70 million registered buyers and 5.55 million supplier storefronts in India that listed 60.73 million products.