SME Times is powered by   
Search News
Just in:   • MSME minister launches Khadi footwear range  • 85 mn human jobs likely to be displaced by machines by 2025: WEF Report  • Now coal demand expected to rise in festive season, say Ind-Ra  • RBI Governor sees revival at doorstep  • 'Centre open to further economic stimulus' 
Last updated: 11 Sep, 2017  

Matrimony.com Comes up with an IPO to Consolidate its Operations

NewsVoir | 08 Sep, 2017


India has been known for its culture-centric diaspora, with weddings being an integral part of its daily life. Presently, the Indian Wedding market is witnessing an unprecedented hikeon account of rise in growth of online matchmaking market players. Spurred by the introduction of new technologies, rise in internet penetration and entry of new players in wedding planning segment, these players are changing the way partners are selected and relationships are forged.

�

Digital literacy has been a major champion of the cause, spearheading people to find love under the jurisdiction of a few key strokes. Domestic factors such as increased subscriptions, increased freedom of choice in seeking a life partner, convenience and the availability of suitors from global as well as on local basis has cemented the presence of these verticals, creating a progressive space for new entrants to populate the market. Today, players like Matrimony.com, Jeevansathi and Shaadi.com are dominating the market. Alongside, new entrants like LoveVivah.com who have come up with innovative features like Aadhaar linked profiles, is gaining popularity amongst the consumers. These provide a plethora of offerings for the prospective bride/groom to bank on.

�

As a move to synergize the fragmented market, Matrimony.com, a part of Bharat Matrimony brand is unveiling an Initial Public offer (IPO) to bolster its operations. The initial public offer of Matrimony.com, which runs online match making business, is likely to open on 11 September. Here are a few key findings in regard to the offer:

�

    The Chennai-based organization has unveiled fixed a price band of Rs. 983-985 for raising over Rs. 500 crore.� Murugavel Janakiraman is the CEO and founder of Matrimony.com

�

    The set extensively consists a fresh issue of up to Rs. 130 crore, alongside an offer for sale (OFS) of up to 37,67,254 shares . The OFS consists of up to 14,61,006 shares by Bessemer India Capital Holdings II Ltd., 1,55,760 by Mayfield XII, Mauritius, 16,83,207 by CMDB II, 3,84,447 by Murugavel Janakiraman and 82,834 by Indrani Janakiraman, with face value of Rs. 5 each.

�

    The IPO is set to remain open from September 11 - September 13. Net proceeds will be poured into various marketing activities such as advertising and business promotion. Along with that, purchase of land for construction premises in Chennai, repayment of overdraft facilities and other purposes would be facilitated through this IPO.

�

    Axis Capital and ICICI Securities are set to be the official book running lead managers to the offer, while registrar to the offer is Karvy Computershare Private Ltd. The shares of Matrimony.com are projected to be listed on the BSE and the National Stock Exchange of India.

�

    The firm had previously witnessed a negative net worth of Rs. 3113.2 crore as of March 31, 2017, owing to competition scaling up efforts to garner larger traction. The firm also restated losses in a sum total of three of the past five fiscal years-it sustained losses of Rs. 915.9 crore, Rs. 292.9 crore and Rs. 7506.9 crore in fiscal 2014, fiscal 2015 and fiscal 2016, respectively.

�

    Currently as of April 15, 2017, Bharat Matrimony mobile app and apps for regional and community sites have noted a 5.8 million estimated downloads, according to�www.androidrank.org.�A significant figure of its members utilise mobile facilities to access online matchmaking services.


 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 22 Oct, 2020
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» The Silk Road - A journey through history(1)
» 'Centre open to further economic stimulus'(1)
» Delay in dealing with GST refund delays(1)
» NPAs hurdle to banks' rate cut transmission(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter