Online marketplace IndiaMART InterMESH Ltd have received markets regulator Sebi’s go-ahead to float initial share sale offers.
With this, the number of companies getting Sebi’s approval to float an initial public offer (IPO) has reached 50 this year so far.
Indiamart which had filed draft their respective draft offer documents with Sebi in June, obtained the regulator’s “observations” on September 14, according to the latest update with the markets watchdog.
Sebi’s observations are necessary for any company to launch IPO, follow-on public offer and rights issue.
Through IndiaMART’s public issue, a total of 42,88,801 equity shares will be divested by the promoters and private equity firms Intel Capital (Mauritius) Ltd, Amadeus Capital Partners and Accion Frontier Inclusion Mauritius.
The initial share-sale offer is expected to garner Rs 600 crore, merchant banking sources said. The public issue is being managed by ICICI Securities, Edelweiss Financial Services and Jefferies India.
IndiaMart is an online marketplace connecting buyers with sellers. The online channel focuses on providing a platform for buyers, who can be SMEs, large enterprises as well as individuals.
The company has around more 1.5 million suppliers listed on its website, with around 10 million buyers visiting the online platform every month. Buyers typically gain access to a wider marketplace; diverse portfolios of quality products to choose from and tap a one-stop-shop which caters to all their specific requirements, thereby aiding the discerning buyer to make well-informed choices!