19/08/2015 8:06 PM IST | Updated 15/07/2016 8:25 AM IST Joins The IPO Race, To Raise Rs 700 Crore

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Henna, Indian, Bridal, Wedding, flower garland, sherwani, lahenga is clearly hoping that weddings and investors are a match made in heaven.

The matrimonial site which runs online match making business under 'BharatMatrimony' brand, today filed draft papers with markets regulator Sebi to raise an estimated Rs 600-700 crore through an initial public offer (IPO).

The IPO comprises fresh issue of equity shares worth Rs 350 crore and an offer for sale of up to 16.60 lakh scrips by existing shareholders.

The existing investors include Bessemer India Capital Holdings, Draper Investment Company LLC, Hartenbaum Revocable Trust and Indrani Janakiraman.

According to reports, the company is expected to hit the market with IPO within the current fiscal year.'s Business Plans

According to PTI reports, will use the funds for business promotion, purchase and development of office premises in Chennai, repayment of overdraft facilities and procurement of hardware and software requirements for a centrally controlled contact centre and general corporate purposes.

The matrimonial site is currently managing marquee brands such as and and claims to be one of the fastest growing and profitable organisations in both the digital and offline space.

The company has its reach in countries such as the UK, US, Dubai, Sri Lanka and Malaysia, and a retail presence with over 180 self-owned outlets across India, says the company website.'s competitors include, owned by Info Edge India Ltd and, owned by Sequoia Capital-backed People Interactive Pvt Ltd.

Earlier, in an interview to Reuters, a company source said, "We expect to get good response from the investors because of the defensive nature of the business. People will get married irrespective of the health of the economy."

The Buzzing IPO Market

After a quiet year, the IPO market is buzzing again as 25 companies have approached Sebi to float the IPOs since the beginning of 2015 and many others are in the process to file their initial papers.

With joining the race, this would be the second major IPO by an internet company after Just Dial.

The local search engine firm had raked in Rs 950 crore through its public offer in 2013.

Few forthcoming IPOs are InterGlobe Aviation, which runs budget carrier IndiGo, Coffee Day Enterprises and RBL Bank (formerly known as Ratnakar Bank).

So far in 2015, 10 companies have mobilised about Rs 4,700 crore through IPOs, higher than funds raised in the preceding two years.

In comparison, a total of six IPOs had hit the market in 2014 and together garnered just Rs 1,261 crore while in 2013, three companies raked in Rs 1,284 crore through initial share sale plans.

(With inputs from Agencies)

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