India-based e-commerce marketplace IndiaMart has filed for an initial public offering in its home country, in which semiconductor technology provider Intel will sell shares.
The company plans to issue 4.28 million shares. Intel’s corporate venturing arm, Intel Capital, owns a 13.5% stake and will sell 2.07 million shares. Although IndiaMart has not yet priced the IPO, LiveMint reported last month that it planned to raise between $73.5m and $88.2m.
The other selling shareholders are microfinance investor Accion’s Frontier Inclusion Mauritius fund (475,000 shares), Amadeus IV DPF, a vehicle owned by venture capital firm Amadeus Capital (170,000), and company co-founders Chandra Agarwal (852,000) and Brijesh Agarwal (578,000).
Founded in 1996, IndiaMart operates an online business-to-business e-commerce marketplace that connects about 4.7 million suppliers to a user base of up to 60 million buyers.
Sellers pay a subscription fee to maintain their own pages on the platform, which allows them to reach a far greater audience then they would on their own.
Brand Equity Treaty, the owner of media group Bennet Coleman & Co’s Brand Capital unit, invested $3.4m in IndiaMart in 2007, and Intel Capital provided $10m in funding the following year.
Intel Capital returned for a series C round of undisclosed size in 2016 that was led by Amadeus Capital with participation from Accion Frontier Inclusion Fund and investment firm Westbridge Capital.
ICICI Securities, Edelweiss Financial Services and Jefferies India are the lead book-runners for the offering.