Bengaluru: Shares of Indiamart Intermesh Ltd surged nearly 40 percent on their first day of trade on Thursday, underscoring investor confidence in the e-commerce firm following its Rs 476 crore ($69.12 million) initial public offering (IPO).
The operator of Indiamart.com, which according to KPMG is the nation’s largest wholesale online marketplace with about 60 percent market, saw its stock rise to Rs 1,338, compared to its issue price of Rs 973.
The IPO, which saw investors such as Intel Capital, Amadeus and Accion Frontier Inclusion to sell their stake through an offer for sale, was subscribed over 36 times last week.
Indiamart is also the first company to launch its IPO in the new term of Narendra Modi’s government.
Updated Date: Jul 04, 2019 12:30:24 IST