IndiaMart, an India-based e-commerce platform backed by chipmaker Intel, listed on the National Stock Exchange on Thursday after raising Rs4.75bn ($69m) in its initial public offering.
The company issued some 4.9 million shares priced at $13.40 each, the upper end of its targeted range of $13.35 to $13.40. Shares opened at $17.94 on Thursday morning and are trading at $18.43 at the time of writing.
Intel Capital, the corporate venturing arm of Intel, partially exited through the IPO, as did Amadeus Capital Partners and Quona Capital.
A total of 15 investors made anchor investments worth $31m. Among these were SAIF Partners, Hornbill Capital Advisors, Sylebra Capital, Kuwait Investment Authority, Malabar India Funds, Steadview Capital and IIFL Special Opportunities Fund.
Founded in 1996, IndiaMart has built a business-to-business online marketplace connecting more than 5.5 million suppliers with more than 83 million clients. Approximately two thirds of the listings on the platform consists of goods, while the remainder is for services.
IndiaMart had secured $32m in funding ahead of the offering. Brand Equity Treaty, the owner of media conglomerate Bennett Coleman & Co’s Brand Capital division, injected $3.4m in 2007, before Intel Capital provided $10m in funding in 2008.
Intel Capital took part in a series C round of undisclosed size in 2016 that was led by Amadeus Capital, and also featured Accion Frontier Inclusion Fund and Westbridge Capital.
ICICI Securities, Edelweiss Financial Services and Jefferies India are the book-running managers for the offer.
