IndiaMart, Noida-based B2B online marketplace has started its bids to investors with an IPO (Initial Public Offering) to raise up to $68.35 million.
IndiaMart InterMesh Ltd. has floated offer for sale for 4.89 miliion shares at a price band of ₹970-973 per share, cited Inc42.
IndiaMart, based out of Noida, is an Indian e-commerce company that provides B2C, B2B and customer to customer sales services via its web portal. It began in 1996 and founded by Dinesh Agarwal and Brijesh Agarwal.
While, in June 2018, the company, reportedly, claimed that it was ready to launch an IPO of $88.24 million. In July, it filed draft papers to market regulator Securities and Exchange Board of India (SEBI).
At present, the company has opened bids on June 24 to June 26 for investors and retail managers.
Furthermore, the company is offering 10,000 shares to its employees, thus the net issue size is around 4.88 million shares.
As of March 31, 2019, IndiaMART claimed that it had 82.7 million registered buyers and 5.55 million supplier storefronts in India. These Indian supplier storefronts had listed 60.73 million products of which 76% of goods comprised products and 24 per cent were services.