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IPO News
Info Edge India Ltd IPO evokes tremendous response
Posted On : 2006-11-05 05:20:35( TIMEZONE : IST )
The first dot com Initial Public Offering in Indian markets has evoked tremendous response from the investing community. The IPO has received subscription of 54.77 times. Info Edge India Ltd is a leading provider of online recruitment and matrimonial classifieds and related services in India.
The company came out with an IPO of 53,23,851 equity shares of Rs.10 each at a price band of Rs.290 to Rs.320 to be decided through 100% book building process. The issue comprises a net issue to the public of 4,791,466 equity shares and a reservation of 532,385 equity shares for subscription by employees of the company at the issue price. The issue shall constitute 19.50% of the fully diluted post issue paid-up equity capital of the company.
The issue opened on October 30, 2006 and closed on November 2, 2006. ICICI Securities Limited and Citigroup Global Markets India Privatge Limited were the Book running lead managers to the issue. Intime Spectrum Registry Limited was the registrar to the issue.
.The issue received a whopping 54.77 times subscription. The Qualified Institutional Bidders including Foreign Institutional Investors (FIIs), Domestic Financial Institutions (Banks / Financial Institutions / Insurance Companies), Mutual Funds and others portion got the maximum subscription of 83.9203 times. The total number of shares offered / reserved for QIBs category was 2874880 and the demand was for 241260840 shares with FIIs alone subscribing for 174764560 shares followed by Mutual Funds and Financial Institutions.
The Non Institutional Investors portion including Corporates, Individuals (other than Retail Individual Investors) and others portion received subscription for 68.2197 times. Out of the reserved 479146 equity shares for the category, the demand was for 32687200 equity shares with the Corporates subscribing to 25694120 equity shares.
The retail individual investors portion received subscription for 12.2133 times. Surprisingly, the employees reservation received lukewarm response by receiving subscription for 0.1141 times only. Out of the 532385 equity shares offered to employees the demand was there only for 60720 shares.
The company's business is managed through 4 divisions, which comprise online recruitment classified division (operating through www.naukri.com, launched in March 1997), online matrimonial classified division (operating through www.jeevansaathi.com, acquired in September 2004), online real estate classified division (opearting through www.99acres.com, launched in September 2005) and offline executive search division (operating through Quadrangle division, acquired in November 2000). The company generated total income of Rs.840.59 million for the Fiscal year ended March 31, 2006 and Rs.293.23 million for the 3 months ended June 30, 2006. The net profit was Rs.132.91 million for the Fiscal year ended March 31, 2006 and Rs.52.23 million for the 3 months ended June 30, 2006. Currently, a substantial portion of the total income as well as net profit is derived from the online recruitment classifieds and related services division.
