July 4, 2019 / 6:17 AM / 3 months ago

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

People look at a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, December 11, 2018. REUTERS/Francis Mascarenhas/File Photo

BENGALURU (Reuters) - Shares of Indiamart Intermesh Ltd 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 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 rupees)

Reporting by Chris Thomas in Bengaluru; Editing by Rashmi Aich

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