raises Rs 500 cr through Initial Public Offering

ads Ltd, the company which runs matrimony site Bharat Matrimony among others, has filed a Draft Red Herring Prospectus (DRHP) with the regulator to raise around Rs 500 crore through Initial Public Offering (IPO). The company is expected to hit the market with IPO within the current fiscal year, according to sources.

The company would be raising around Rs 500 crore to hit the market and has earlier appointed Citigroup Global, Deutsche Bank and Kotak Mahindra Capital as investment bankers to complete the process, said market sources. Around Rs 350 crore would be raised through primary while the rest would be through the secondary mode, they said.

The company CEO Murugavel Janakiraman was not available for a comment. According to information available, the company has filed the a DRHP today with the market regulator. The company currently has three private equity investors - Mayfield, Bessemer Venture Partners and JP Morgan Asset Management, which has recently bought out the stake in the company from Canaan Partners. Ltd is currently managing marquee brands such as and and claims to be one of the fastest growing and profitable organisations in both the digital and offline space.

The company has its reach in countries such as the UK, US, Dubai, Sri Lanka and Malaysia, and a retail presence with over 180 self-owned outlets across India, says the company website.

Over the years, it has initiated several new business models such as, and Apart from online matchmaking, the company is also into selling return gifts, which has been evolved as another revenue model.

According to earlier reports, online major Yahoo! was also an investor in the company earlier and it sold its around 12 per cent stake making an exit, which was picked up by Bessemeber Venture, Mayfield Fund and Canaan.

Related Tags:, , , , , ,

Hottest ProductsMore