IndiaMart IPO – Review, Allotment Status, Subscription, Price, Date & more
Last Updated Date: Sep 01, 2023Let’s have a detailed review of the company and analytics of the IndiaMart IPO release date, IPO offer price, subscription, IndiaMart Limited IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.
IndiaMart InterMesh IPO Review & Ratings
| Ratings & Review | |
| Criteria | Ratings |
| Industry Sentiments | 6.5/10 |
| Industry Ranking | 6.4/10 |
| Company Background | 6.8/10 |
| Company Reputation | 6.9/10 |
| Competitive Edge | 6.4/10 |
| Financial Statements | 6.7/10 |
| Popularity Index | 6.8/10 |
| Promoters Reputation | 6.4/10 |
| Retail Appetite | 6.8/10 |
| Top Brokers Review | 6.8/10 |
| Overall Ratings | 6.7/10 |
| Star Ratings | ★★★☆☆ |
Summary of IndiaMart IPO
IndiaMART offers an online platform for small and medium enterprises, large companies and individuals to transact. The company was founded by Dinesh Agarwal and Brijesh Agrawal in 1996. The company is backed up by private equity investors including Intel Capital, Amadeus Capital, WestBridge Capital and Quona Capital.
They are India’s largest online B2B marketplace for business products and services with approximately 60% market share of the online B2B classifieds space in India in fiscal 2017, according to the KPMG Report. They primarily operate through our product and supplier discovery marketplace, www.indiamart.com or “IndiaMART”.
Their online marketplace provides a platform for mostly business buyers, to discover products and services and contact the suppliers of such business products and services.
From FY 2017-18 to FY 2018-19, as per the Restated Financial Statements
IndiaMART had an aggregate of 325.8 million, 552.6 million and 723.5 million visits in fiscals 2017, 2018 and 2019, respectively, of which 204.8 million, 396.9 million and 550.3 million comprised mobile traffic, or 63%, 72% and 76% of total traffic, respectively.
As at March 31, 2017 and 2018, they had a restated net worth of Rs (3,900.46) million and Rs (3,212.69) million as derived from their Restated Financial Statements, respectively.
As at March 31, 2019, they had a positive net worth of Rs 1,598.88 million. Their negative net worth as at March 31, 2017 and 2018 was primarily attributable to their operating losses and net loss/(gain) on financial assets and liabilities designated at fair value through profit or loss (“FVTPL”) in the respective fiscal/period.
Their revenue from operations increased from Rs 3,177.63 million in fiscal 2017 to Rs 4,105.08 million in fiscal 2018 and cash generated from operations increased from Rs (5.82) million in fiscal 2017 to Rs 1,790.56 million in fiscal 2018. After excluding the effects of share buyback obligations, their net worth was Rs 516.61 million as at March 31, 2018.
The Promoters of this company are Dinesh Chandra Agarwal and Brijesh Kumar Agrawal. The lead manager to the issue is ICICI Securities Limited, Edelweiss and Jefferies and the Registrar to this issue is Link Intime India Private Limited.
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IndiaMart IPO Date
The opening and the closing date of IndiaMart IPO is June 24, 2019 and June 26, 2019, respectively.
IndiaMart InterMesh IPO Subscription
| Day / Date | QIB | NII | RII | Employee | Total Subscription |
| 1st Day – June 24 | 0.76x | 0.01x | 0.49x | 0.53x | 0.51x |
| 2nd Day – June 25 | 1.05x | 0.04x | 2.48x | 2.43x | 1.04x |
| 3rd Day – June 26 | 6.30x | 0.86x | 7.99x | 4.93x | 1.73x |
| Shares Offered or Net Issue | 1,463,359 | 731,679 | 487,786 | 10,000 | 2,692,824 |
The details of shares being subscribed would be updated here.
- NSE Bid Details
- BSE Bid Details
IndiaMart IPO Allotment Status
Here, you can find the Allotment Status of this IPO.
| Basis of Allotment Finalization | 1-Jul-19 |
| Refunds Initiation | 2-Jul-19 |
| Credit of Shares to Demat Account | 3-Jul-19 |
| Share Listing Date | 4-Jul-19 |
IndiaMart IPO Price Band
The face value of each share is Rs 10, but the price band of the IPO is Rs 970 – Rs 973.
IndiaMart IPO Equity Share Offering
Issue of 4,887,862 Equity Shares of face value of Rs.10/- each for cash at a price of Rs 970 – Rs 973 per Equity Share, aggregating Rs. 475.58 Crores.
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IndiaMart – Company Overview
The Company was incorporated as IndiaMART InterMESH Limited on September 13, 1999 as a public limited company under the Companies Act, 1956, with the RoC. The Company received the certificate of commencement of business from the RoC on October 27, 1999.
Business strategies of IndiaMart
- Continue to increase the size of IndiaMART marketplace
- Attract larger suppliers and leading brands while growing our core SME segment supplier base.
- Enhance our buyers’ experience.
- Improve supplier engagement, services, retention and monetization.
- Continue investing in our mobile platforms and capabilities.
IndiaMart – Financial Statements
A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:
Financial Summary of IndiaMart IPO
On the basis of Standalone statement: (in million)
| 31-Mar-19 | 31-Mar-18 | 31-Mar-17 | 31-Mar-16 | 31-Mar-15 | |
| Total Assets | 8,207.55 | 5,427.13 | 2,209.06 | 1,907.51 | 1,024.78 |
| Total Revenue | 5,074.17 | 4,105.08 | 3,177.63 | 2,542.89 | 1,760.72 |
| Total Expense | 4,944.66 | 4,896.23 | 3,960.80 | 3,744.87 | 2,198.93 |
| Profit After Tax | 200.44 | 547.59 | -643.46 | -1,159.12 | -318.85 |
Earnings per Equity Share (in million)
| 31-Mar-19 | 31-Mar-18 | 31-Mar-17 | |
| Basic & Diluted | 4.87 | (37.83) | (7.14) |
From the above statements, one could find that IndiaMart may perform well.
IndiaMart IPO – Promoters
The Promoter of this company is:
- Dinesh Chandra Agarwal
- Brijesh Kumar Agrawal
List of Related Parties (Key Managerial Personnel)
- Dinesh Agarwal (Founder and CEO)
- Brijesh Agrawal (Co-founder & Director)
- Dinesh Gulati (Director)
- Amarinder S. Dhaliwal (Chief Product Officer)
Interest in promotion of the Company
The Promoter is interested in the Company to the extent they have promoted the Company.
Property Interest
The Promoters do not have any interest in any property acquired by the Company during the two years preceding the date of filing of the Red Herring Prospectus and until date, or any property proposed to be acquired by the Company or in any transaction in the acquisition of land, construction of building or supply of machinery.
Interest in Intellectual Rights of the Company
The Promoters are not interested in any entity which holds any intellectual property rights that are used by the Company.
IndiaMart IPO Offer Details or Issue Details
| Particulars | No. Of Equity Shares |
| Equity Shares Offered | Upto 4,887,862 Equity Shares of Rs 10 each for cash at a price of Rs [] per share aggregating Rs []lakhs. |
| Of which: | |
| Reserved for Market Makers | Upto 3,658,397 Equity Shares of Rs 10 each for cash at a price of Rs [] per share aggregating Rs [] lakhs |
| Net Issue to the Public | Upto 2,195,038 Equity Shares of Rs 10 each for cash at a price of Rs [] per share aggregating Rs [] lakhs |
| Of which: | |
| Retail Investors Portion | Upto 487,786 Equity Shares of Rs 10 each at a price of M [] per Equity Share will be available for allocation for Investors of up to Rs [] lakhs |
| Non-Retail Investors Portion | Upto 731,679 Equity Shares of Rs 10 each at a price of M [] per Equity Share will be available for allocation for Investors of up to Rs [] lakhs |
| Equity Shares outstanding prior to the Issue | 28,774,820 Equity Shares |
| Equity Shares outstanding after the Issue | Upto 28,774,820 Equity Shares |
IndiaMart IPO Issue Object
- Liquidity to investors
- Accountable through good governance
- Benefits of listing
IndiaMart IPO – Basis of the Offer Price
The IPO offer price is determined by the company and the lead managers by market evaluation and book building process. The price is also influenced by various qualitative and quantitative factors. Some such factors are discussed below.
Qualitative factors are:
- Strong network effects and brand recognition, driving leadership in the B2B marketplace in India;
- Comprehensive, convenient and reliable platforms for buyers;
- Efficient and effective marketing platform for suppliers
- Deep understanding of online trade and commerce in India that drives innovative solutions;
- Robust mobile platform; and
- Experienced management team and large sales and service representatives team with proven track record of performance.
The relevant quantitative factors are:
On the basis of standalone statement:-
| Basic & Diluted EPS | RONW | NAV (Rs.) | |
| 31-Mar-19 | 4.87 | 7.84% | 55.92 |
| 31-Mar-18 | (37.83) | (23.20) | – |
| 31-Mar-17 | (7.14) | (5.17) | – |
- Price to Earnings (P/E) ratio in relation to Issue Price of Rs. [ ]:
| Particulars | P/E ratio |
| Highest | – |
| Average | – |
| Lowest | – |
- Competitive Peers:
The Company does not have any listed peer group companies in India.
IndiaMart IPO Lead Managers
| Book Running Lead Managers |
| ICICI Securities Limited
Edelweiss Financial Services Limited Jefferies India Private Limited |
IndiaMart IPO Registrar to offer
| Registrar to offer |
| Link Intime India Private Limited C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai 400 083, Maharashtra, India Tel: +91 22 4918 6200 Fax: +91 22 4918 6195 Email: indiamart.ipo@linkintime.co.in Investor Grievance e-mail: indiamart.ipo@linkintime.co.in Website: www.linkintime.co.in Contact Person: Shanti Gopalkrishnan SEBI Registration No. INR000004058 |
IndiaMart IPO Other Details:
- Statutory Auditor – S. R. Batliboi & Associates LLP, Chartered Accountants
- Peer Review Auditor – NA
- Bankers to the Offer – S. R. Batliboi & Associates LLP, Chartered Accountants
IndiaMart IPO Review by Top 10 Stock Brokers
| Top Stock Brokers Review | Company Reputation | Competitive Edge | Financial Statement | Popularity Index | Promoters Reputation |
| Angel Broking | 6.2/10 | 7.3/10 | 7.2/10 | 7.1/10 | 7.1/10 |
| Sharekhan | 7.2/10 | 7.1/10 | 7.7/10 | 6.4/10 | 7.2/10 |
| Kotak Securities | 6.3/10 | 7.2/10 | 7.3/10 | 7.1/10 | 7.3/10 |
| ICICI Direct | 7.3/10 | 6.3/10 | 6.7/10 | 6.1/10 | 7.1/10 |
| IIFL | 7.2/10 | 7.2/10 | 7.8/10 | 7.0/10 | 6.1/10 |
| Edelweiss | 6.2/10 | 7.3/10 | 7.5/10 | 7.3/10 | 7.2/10 |
| Zerodha | 7.3/10 | 7.1/10 | 7.2/10 | 6.1/10 | 7.0/10 |
| 5Paisa | 7.1/10 | 6.1/10 | 7.3/10 | 7.1/10 | 6.1/10 |
| Karvy | 6.3/10 | 7.3/10 | 7.2/10 | 6.1/10 | 7.1/10 |
| Motilal Oswal | 7.1/10 | 7.1/10 | 7.7/10 | 7.3/10 | 7.2/10 |
The ratings would be updated once the financials and the other details of the IPO are released.
IndiaMart IPO Grey Market Premium
The IndiaMart IPO Grey Market Premium price is Rs 115-120, the Kostak rate is Rs 200 and the Subject to Sauda is 1200.
Subscribe to IndiaMart IPO – Fill up the Form Below
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