Matrimony.com, an India-based online matchmaking service backed by internet company Yahoo, will launch an initial public offering next Monday worth more than Rs5bn ($78m), the Economic Times reported yesterday.
The company has priced its shares at Rs983 to Rs985. The IPO will include an offer for sale of up to 3,767,254 shares currently held by Bessemer India Capital, Mayfield Fund, Canaan Partners and angel investors Murugavel Janakiraman and Indrani Janakiraman.
Matrimony.com will be listed on the Bombay Stock Exchange and the National Stock Exchange of India.
Matrimony.com operates a network of online matchmaking platforms focused on India. Its flagship platform, BharatMatrimony, allows users to find potential partners based on language, city, region, religion and caste.
The company also operates an assisted matchmaking service, AssistedMatrimony, and a premium offering aimed at upmarket users, Elite Matrimony, which promises privacy and confidentiality during the matchmaking process.
The platform offers a range of add-on products, enabling couples to find deals on aspects such as wedding caterers, photographers, planners and honeymoon packages.
Proceeds from the initial public offering will be used for advertising and marketing efforts, to purchase land in Chennai for the construction of additional offices, to repay overdraft facilities and for general corporate purposes.
Yahoo contributed to an $11.75m series B round in 2008 led by Mayfield Fund and with participation from Canaan Partners. Yahoo and Canaan Partners had earlier supplied $8.65m in series A capital in 2006.
Axis Capital and ICICI Securities are acting as bookrunning managers for the offer. The registrar is Karvy Computershare.