Reviving its IPO plans, matchmaking and marriage services provider Matrimony.com has refiled a Draft Red Herring Prospectus (DRHP) with markets regulator SEBI. The company is looking to raise ₹350-375 crore.
The IPO consists of a fresh issue of up to ₹130 crore and an offer-for-sale of up to 3.77 million shares of face value ₹5 each. The issue will be on book-building basis and the price band will be decided later, the company said in a statement.
The IPO proceeds from the fresh issue will be utilised for advertising and business promotion activities, for purchase of land, construction of office premises in Chennai, repayment of overdraft facilities and for general corporate purposes.
Axis Capital and ICICI Securities are the managers to the issue and Karvy Computershare is the registrar. The Chennai-based firm had filed a DRHP earlier in 2015, but postponed the offering citing certain “unforeseen circumstances.”
Matrimony.com is backed by investors such as Mayfield Fund and Bessemer Venture Partners and competes with Jeevansaathi, SimplyMarry and Shaadi.com, among others.
The company, according to its prospectus, had a negative net worth of ₹31.13 crore as of March 31, 2017. Matrimony delivers matchmaking services to their users in India and the Indian diaspora through their websites, mobile sites and mobile apps complemented by its on-the-ground network in India. Its brand, BharatMatrimony.com, has been ranked India’s most trusted online matrimony brand by The Brand Trust Report India Study 2014, a study covering 20,000 brands across 16 cities.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.