E-commerce firm Indiamart Intermesh zooms about 40% on market debut

IndiaMART InterMESH

04/07/2019 07:13

BENGALURU, July 4 (Reuters) - Shares of Indiamart Intermesh
Ltd  INMR.BO  surged nearly 40% on their first day of trade on
Thursday, underscoring investor confidence in the e-commerce
firm following its 4.76 billion rupee ($69.12 million) initial
public offering (IPO).
    The operator of Indiamart.com, which according to KPMG http://bit.ly/2KWA7kF
 is the nation's largest wholesale online marketplace with about
60% market, saw its stock rise to 1,338 rupees, compared to its
issue price of 973 rupees.
    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. 

($1 = 68.8680 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru; Editing by Rashmi
Aich)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))