Home / Companies / News / files for `350 crore IPO

Mumbai: Ltd that operates matchmaking website on Wednesday filed papers for an initial public offering (IPO) to raise 350 crore (approximately $50 million). According to the draft red herring prospectus filed with markets regulator Securities and Exchange Board of India (Sebi), Citigroup Global Markets India Pvt. Ltd, Deutsche Equities India Pvt. Ltd and Kotak Mahindra Capital Co. Ltd are the investment bankers for the IPO.

US venture capital firm Bessemer Venture Partners, Hartenbaum Revocable Trust and Draper Investment Company are looking to sell a total of 1,577,769 shares, or 10.73% stake. Canaan Partners and Mayfield Fund too are investors in the company.

The Chennai-based company that was founded by Murugavel Janakiraman aims to use the funds for advertising and business promotion activities ( 150 crore), procurement of hardware and software systems and overdraft facilities ( 28.7 crore), and purchase and development of office premises ( 34.4 crore).

The online matrimonial market is estimated to be around 5 billion in FY2015, according to annual report of Info Edge. The company competes with People group-owned and Info Edge India Ltd-owned is looking at creating a global presence via acquisitions in the casual dating and matchmaking segment. It recently bought a stake in online dating app Thrill.

So far this year, 10 firms have raised 4,672 crore through IPOs, according to data from primary market tracker Prime Database.

In 2014, five firms raised 1,200.9 crore, while in 2013, three firms raised 1,283.7 crore through IPOs. Also, so far this year, 25 firms have filed their draft IPO papers with the market regulator.

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