Matrimony IPO Subscribed 67% On Day 1

INC42.COM - Sep 12 - The IPO will come to a close on Sep 13 and is expected to get listed on the Stock Exchange on Sep 21, 2017. With this IPO, Matrimony is looking to raise $20.3M (INR 130 Cr) against ~3.7M shares at a price band of INR 983 – INR 985. ~$3.1M (INR 20 Cr) from the IPO proceeds will be spent on advertising, business promotion and general corporate purposes, while $469K (INR 3 Cr) will be used to repay overdraft facilities. ~$938K (INR 6 Cr) will go into purchasing land for the construction of offices in Chennai. Following the announcement of its IPO, Matrimony also bagged $35.3M (225.9 Cr) from a group of anchor investors.