IndiaMART InterMESH IPO fully subscribed on second day of bidding

The initial public offer of IndiaMART InterMESH, an online marketplace for business products and services, was fully subscribed on the second day of bidding Tuesday. The IPO, which looks to raise about Rs 475 crore, received bids for 27,94,440 shares against the total issue size of 26,92,824 shares, translating into 1.04 times subscription, as per data available with the NSE.

The category meant for qualified institutional buyers (QIBs) was subscribed 1.05 times, non institutional investors 4 per cent and retail individual investors 2.48 times. The IPO, which is scheduled to close Wednesday, is of 48,87,862 equity shares, including anchor portion of 21,95,038 equity shares.

Price range for the offer was fixed at Rs 970-973 per share. At the upper end of the price band, the offer is expected to raise about Rs 475 crore.

IndiaMart InterMesh raised more than Rs 213 crore from anchor investors on Friday. ICICI Securities Ltd, Edelweiss Financial Services Ltd and Jefferies India Pvt Ltd are managing the offer.

The shares are proposed to be listed on the BSE and the National Stock Exchange.