Matrimony.com, which took matchmaking in India away from newspaper advertisements to the Internet under the Bharat Matrimony label, has filed documents with the capital markets regulator to go public.
The public offer consists of a fresh issue of equity shares amounting to Rs.350 crore and an offer-for-sale of 16.6 lakh shares by venture funds and the promoter.
Chennai-based Matrimony.com, promoted by entrepreneur Murugavel Janakiraman, is well known for offering matchmaking websites customised for religious and regional communities as well as personalised services, such as AssistedMatrimony and EliteMatrimony.
The offer for sale consists of 14.61 lakh shares from Bessemer India, 93,394 shares by Draper Investment Co, 23,369 shares by Hartenbaum Revocable Trust and 82,834 shares by Indrani Janakiraman.
Ahead of peers
According to the comScore Report quoted in the draft red herring prospectus, Matrimony.com is the leader in online matchmaking services in India — ahead of Shaadi and Jeevansathi — in terms of the average number of website pages viewed by unique visitors.
The funds raised through the fresh equity issue will be used primarily for advertising and business promotion (Rs.150 crore) and the rest for a new office in Chennai, meeting hardware and software requirements and repayment of overdraft facilities.
The company reported net loss of Rs.2.92 crore for FY15 and Rs.9.15 crore for FY14. Only 10 per cent of the offer will be available to retail investors. The face value of each equity share will be Rs.5 and the shares are proposed to be listed only on the BSE.
The book running lead managers to the issue are Kotak Mahindra Capital, Citigroup Global Markets India and Deutsche Equities India.
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