Oversubscribed 4.41 Times On Final Day Of IPO was oversubscribed by 4.41 times on the final day of its initial public offering.

The IPO began on 11th September and closed on 13th September, when the online matchmaking firm was oversubscribed by 441%.

The company, which was looking to raise as much as 5bn rupees ($78m) with the IPO, received bids for 12,409,980 shares against a total issue size of 2,811,280 shares.

Commenting on the oversubscription, Murugavel Janakiraman, Founder and Managing Director of, said: “We are indeed overwhelmed by the response to the IPO, and I would like to thank the public and all our investors for reposing confidence in the positive and unique story of

“I also take this opportunity to thank our associates, millions of our members and partners who supported us in the successful journey of 17 years. I’m confident that together we will deliver value for all stakeholders in the years to come.”

The first day of the IPO saw hit a 67% subscription, the company then oversubscribing by 1.36 times on the second day.

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.

Matrimony is expected to get listed on the Stock Exchange on 21st September 2017.

Karvy Computers is currently serving as the chief registrar, with ICICI Securities and Axis Bank acting as the book running lead managers.