Matrimony.com, the first pure-play Indian matchmaking website, has made a quite debut by listing at par against its initial public offer (IPO) price of Rs 985 per share on the National Stock Exchange (NSE) and the BSE.
On the BSE, the stock slipped below its issue price of Rs 950 immediately after listing, and settled 8% lower at Rs 901.
The company’s Rs 500 crore IPO was subscribed 4.4 times or 441%, with applications for 12.5 million shares received, against the 2.8 million shares on offer, according to data from the exchanges website. The category reserved for qualified institutional buyers (QIBs) was oversubscribed 1.88 times, non institutional investors 41% and retail individual investors 17.99 times.
Matrimony.com, backed by US venture capital firm Bessemer Venture Partners, runs bharatmatrimony.com, elitematrimony.com and a host of other marriage services portals. Net proceeds from the issue will be utilised towards advertising and business promotion activities, purchase of land for construction of office premises in Chennai, repayment of overdraft facilities and general corporate purposes.