Matrimony.com Ltd. began trading on Thursday at its issue price of Rs 985 on the National Stock Exchange. The stock swung between losses and gains thereafter and touched an intraday high of Rs 1,025 and low of Rs 903.
The Rs 501 crore initial public offer was a combination of fresh issue and offer for sale, with nearly 15 percent of the proceeds going to advertisements and promotions. The overall funds raised via the IPO will also be used for purchase of assets, debt repayment and for general corporate purposes.
Matrimony.com was one of the first companies to provide online matchmaking services in India. The business comprises two segments – matchmaking and marriage-related services. The company operates multiple matchmaking portals such as BharatMatrimony.com, CommunityMatrimony.com and EliteMatrimony.com. It has four websites to provide marriage-related services which contributes only 6 percent to the company’s topline.
Its competitors include Jeevansathi.com and Shaadi.com, which are more dominant in West and North India compared to Matrimony.com which is popular in the South.
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