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IndiaMART InterMESH Hits New Record High; Surges Over 100% From Issue Price
On Wednesday, despite overall weak market sentiment, shares of IndiaMART InterMESH Ltd rose by 6 percent to mark a new record high of Rs 1970 on NSE.
With its third consecutive trading session of gains, the stock has surged by 46 percent since its listing on 4 July. Its share value has risen by 103 percent against its issue price of Rs 973 per share.
At its debut on 4 July, the online b2b marketplace was listed at 21 percent higher than its issue price at Rs 1,180 apiece.
IndiaMART InterMESH has a strong holding in the b2b online market. Suppliers on its website - indiamart.com - include SMEs and large businesses that are wholesalers, manufacturers, exporters and retailers. It is a leader in the Indian tech space that follows the classified business model.
In the first quarter of 2019-20, the company reported a consolidated net profit of Rs 32 crore when compared to its net loss of Rs 56 crore during the same period of the previous year.
