Online Matrimonial Portal Plans to Go Public; Targets USD 450-500M Valuation

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Chennai-based online matrimonial site, is looking to go for an initial public offering (IPO) for a valuation of USD 450-500 million. The company has signed on Citigroup Global Markets, Deutsche Bank and Kotak Mahindra Capital as investment bankers for the issue and is expected to file the DRHP (draft red herring prospectus) in the next two months, as ET reported.

Founded in 1997, the company is known for its website, it got its initial funding from Draper International which still holds shares in the company. The firm is also backed by Canaan Partners, Mayfield and Bessemer Venture Partners. Matrimony claims to be having a 60% market share and is directly competing with other portals such as Shaadi, Times Group’s SimplyMarry and Info Edge-owned Jeevansaathi.

The company has 130 offices in India, also having its business operations in Dubai, Sri Lanka, US and Malaysia and has more than 2.3 million paid users. he company is likely to use the funding to expand its new business of providing wedding services.