Matrimony Postpones Plans To IPO

Matrimony.com has delayed its plans to IPO by the end of the year.

The dating company filed its Draft Red Herring Prospectus back in August, and received approval from the Securities and Exchange Board of India.

Expecting to be listed by November, the business was said to be looking to raise around Rs 1,000 crore ($150m).

However, with its SEBI approval for the IPO expiring on 18th December, the company has decided to postpone its offering.

Speaking to VCCircle, founder & CEO Murugavel Janakiraman said: “We have decided to postpone the IPO due to weak market conditions.

“The board will soon decide when to refile IPO documents. Board meeting is still some time away.”

Between 2011 and 2015, the company’s net revenue has doubled according to its IPO draft file submitted in August, reaching Rs 232 crore ($35m) by March 2015, up 16% from the year before.

Its EBITDA also grew four fold in the three years before 2015, the company ending with EBITDA of Rs 17.8 crore ($2.6m).

The company, which was founded back in 1997, also revealed it had 647,000 paid subscribers in 2015, up from 571,000 the year before.