India’s biggest online matchmaker opened its initial public offering Monday, selling shares in Matrimony.com Ltd. for about $15 apiece.
Backed by Silicon Valley investor Bessemer Venture Partners, Matrimony.com expects to raise as much as 5 billion rupees ($78 million) with the IPO closing on Wednesday. The startup has already raised funds from Goldman Sachs India Ltd., BNP Paribas Arbitrage and Baring Private Equity India AIF.
In a socially conservative nation where marriages are often arranged by relatives, the startup matches brides and grooms within the country as well as Indian expatriates. The company’s websites and mobile apps offer services in 15 languages and prospective partners can be categorized by fields including religion and caste. Profiles can be uploaded on behalf of a son or daughter, brother or sister, indicating that many Indian families are using technology to cast a wide net.
“We are India’s first pure-play consumer internet company to go for a listing,” founder and Chief Executive Officer Murugavel Janakiraman said in an interview. “We provide an abundance of choice and thousands of matches to suit every criterion, all at the tap of a key.”
The shares are being offered in a price band…