News IPO Oversubscribed By 1.36 Times After Day Two

The IPO of was oversubscribed by 1.36 times after the second day of bidding.

The Indian matrimonial company launched its IPO on Monday.

For its IPO, had fixed a price band of Rs 130 crore ($20m) and an offer for sale of up to 37,67,254 shares.

The company was looking to raise as much as 5bn rupees ($78m) with the IPO, which will close today, 13th September.

And yesterday the IPO was oversubscribed by 1.36 times, on day two of bidding.

The company received bids for 38,21,220 shares against the total issue size of 28,11,280 shares, data available with the NSE and BSE showed.

The company said the proceeds will be used for advertising and business promotion activities, the purchase of land for construction of office premises in Chennai, repayment of overdraft facilities and general corporate purposes.

The IPO is the first in the market by a company running online dating and matrimony services.

More details will be released on the final outcome of the IPO after its closing today.

Read more here.

Simon Edmunds

Simon is the former editor of Global Dating Insights. Born in Newcastle, he has an English degree from Queen Mary, London and after working for the NHS, trained as a journalist with the Press Association. Passionate about music, journalism and Newcastle United.

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