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Let’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.

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IndiaMart InterMesh IPO Review & Ratings

Ratings & Review
Industry Sentiments6.5/10
Industry Ranking6.4/10
Company Background6.8/10
Company Reputation6.9/10
Competitive Edge6.4/10
Financial Statements6.7/10
Popularity Index6.8/10
Promoters Reputation6.4/10
Retail Appetite6.8/10
Top Brokers Review6.8/10
Overall Ratings6.7/10
Star Ratings★★★☆☆

Summary of IndiaMart IPO

indiamart ipoIndiaMART 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 / DateQIBNIIRIIEmployeeTotal Subscription
    1st Day – June 240.76x0.01x0.49x0.53x0.51x
    2nd Day – June 251.05x0.04x2.48x2.43x1.04x
    3rd Day – June 266.30x0.86x7.99x4.93x1.73x
    Shares Offered or Net Issue1,463,359731,679487,78610,0002,692,824

    The details of shares being subscribed would be updated here.

    IndiaMart IPO Allotment Status

    Here, you can find the Allotment Status of this IPO.

    Basis of Allotment Finalization1-Jul-19
    Refunds Initiation2-Jul-19
    Credit of Shares to Demat Account3-Jul-19
    Share Listing Date4-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)

      Total Assets8,207.555,427.132,209.061,907.511,024.78
      Total Revenue5,074.174,105.083,177.632,542.891,760.72
      Total Expense4,944.664,896.233,960.803,744.872,198.93
      Profit After Tax200.44547.59-643.46-1,159.12-318.85

      Earnings per Equity Share (in million)

      Basic & Diluted4.87(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 PortionUpto 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 Issue28,774,820 Equity Shares
       Equity Shares outstanding after the IssueUpto 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 EPSRONW NAV (Rs.)
      • Price to Earnings (P/E) ratio in relation to Issue Price of Rs. [ ]:
      ParticularsP/E ratio
      • 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 ReviewCompany ReputationCompetitive EdgeFinancial StatementPopularity IndexPromoters Reputation
      Angel Broking6.2/107.3/107.2/107.1/107.1/10
      Kotak Securities6.3/107.2/107.3/107.1/107.3/10
      ICICI Direct7.3/106.3/106.7/106.1/107.1/10
      Motilal Oswal7.1/107.1/107.7/107.3/107.2/10

      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. 

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        IndiaMart IPO News

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