Economy

Matrimony.com Makes Flat Debut on Bourses

Matrimony.com Makes Flat Debut on Bourses”

Mumbai: Shares of Matrimony.com Ltd debuted almost 2% lower on the bourses on Thursday, after the online match maker's Rs500 crore initial public offer (IPO) was subscribed 4.4 times last week.

Meanwhile, the S&P BSE Sensex fell 30.47 points or 0.09% to settle at 32,370.04. During the day, it tumbled 9.31 per cent to Rs 893.20. On the NSE, shares of the company opened flat at Rs 985. On the BSE, 7.23 lakh shares were traded on the counter so far. The company had fixed the price band of the IPO at Rs 983-985 per share.

Commenting on the oversubscription to the IPO, Murugavel Janakiraman, Founder and Managing Director - Matrimony.com, said, "We are indeed overwhelmed by the response to the IPO, and I would like to thank the public and all our investors for reposing confidence in the positive and unique story of Matrimony.com".

For Matrimony.com, this was the second attempt at going public in recent times. The retail individual investors (RIIs) category was subscribed 18.16 times.

At 12.25 pm, the stock was down 5.48 per cent at Rs 931 on the NSE.

The Rs 500-crore IPO of the company was oversubscribed 4.44 times during September 11-13. 88 crore to 10 anchor investors including Goldman Sachs, HDFC Trustee company and Baring Private Equity India AIF.

Proceeds of the issue will be utilised for advertising and business promotion activities, purchase of land for construction of office premises in Chennai, repayment of overdraft facilities and general corporate purposes.

Matrimony.com's online competitors are Shaadi.com and Jeevansathi.com, and key offline competitors include traditional brick and mortar companies offering marriage bureau and matchmaking services as well as community associations. Revenue from operations rose 14.91% to Rs 292.82 crore in FY 2017 over FY 2016. The company operates multiple portals such as BharatMatrimony.com, CommunityMatrimony.com and EliteMatrimony.com.



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