IndiaMART InterMESH Up 9% Amid QIP Issue Launch

On Thursday, shares of IndiaMART InterMESH rose by 8.9% to Rs 9,320 after the company launched its qualified institutional placement (QIP) issue to raise funds. The country's largest online B2B marketplaces for small and medium enterprises opened the issue on 17 February.

"The Fund Raise Committee of the Board ("Committee"), at its meeting held on February 17, 2021, has decided to open the Issue today i.e. February 17, 2021, for receiving bids," the company said.

The floor price of the issue is set at Rs 9,065.61 per share, a 5.92% premium to Wednesday's closing price.

"The board may offer a discount of 5 per cent on the floor price at its discretion. The issue price will be determined by the company in consulation with the book running lead managers appointed for the issue," the company said.

IndiaMART InterMESH had posted a 29% year-on-year rise in its consolidated net profit to Rs 80 crore for the December-ended quarter.