- IndiaMart Intermesh a B2B eCommerce firm posted a consolidated profit of Rs. 31.4 crore for the quarter ended on June 30, 2019.
- IndiaMart became the first company to go for IPO in the second tenure of Modi Government.
IndiaMart Intermesh a B2B eCommerce firm posted a consolidated profit of Rs. 31.4 crore for the quarter ended on June 30, 2019.
Last year in the same period the company had recorded a loss of Rs. 56.7 crore.
The total consolidated income of IndiaMart has grown by 37.5 percent to Rs. 161.6 crore during the reported quarter from Rs. 117.5 crore in the corresponding period of 2018-19.
IndiaMart in a statement said, “Consolidate revenue from operations grew by 30 percent on Year-Over-Year basis due to an increase in the number of paying subscribers as well as a higher realization from existing customers.”
Paying subscription suppliers increased to 1.32 lakh from 1.13 lakh on YoY basis.
“Our growth is a result of focus on execution and measures undertaken towards enhancing buyer and supplier experience. We are continuously investing in expanding our network, enhancing our technological capabilities and acquiring the best minds from the industry, IndiaMART Intermesh, Managing Director, Dinesh Agarwal said.
The company launched its Initial Public Offering (IPO) on 24th June. The IPO was subscribed 36.16 times on the final day of bidding.
The IPO which was of Rs. 475 crore received bids for 9,73,85,775 shares against the total issue size of 26,92,824 shares according to the data of National Stock Exchange (NSE).
The offer was divided into 2 categories, one of them the reseed category of qualified institutional buyers has received 76 percent subscription and the retail book has been subscribed 49 percent. There is no major response to non-institutional investors book.
The qualified institutional buyers’ book was subscribed close to 30.83 times, non-institutional investors 62.12 times and retail individual investors 13.37 times, according to merchant banking sources.
IndiaMart became the first company to go for IPO in the second tenure of Modi Government. IndiaMart is the first B2B platform to go for IPO. Unlisted firms TradeIndia, Exporters India, Alibaba India, and JD Business are some of the online B2B classified peer platforms of IndiaMART.
The business-to-business (B2B) company, which is in the process of getting listed, posted revenue of Rs 429 crore in 2017-18 and operating profit of Rs 46 crore. Started in 1996 by Dinesh and Brijesh Agrawal, IndiaMart Intermesh Ltd, is an Indian e-commerce company that provides Business-to-customer, business-to-business and customer to customer sales services via its web portal.