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Naukri.com promoter Info Edge’s issue oversubscribed 55 times

23-November-2006
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Naukri.com promoter Info Edge’s issue oversubscribed 55 times

The IPO of Info Edge, the promoter of jobs portal Naukri.com, has been oversubscribed 55 times. The stock on its second day in the market closed at Rs 586, Rs 6.60 down than the close of Rs 593.20 the day before. The offer consisted of 53.23 lakh equity shares, of which 5.32 lakh shares were reserved for employees.

Info Edge’s share opened at Rs 480 per share, 50 per cent above the issue price of Rs 320, and closed at Rs 593, a gain of 85 per cent over the issue price, after having touched the maximum figure of Rs 624. At the price of Rs 593, Info Edge’s market capitalisation stood at Rs 1,619 crore.

Naukri Founder and CEO, Sanjeev Bikchandani, said, “I am overwhelmed with the response. People have a lot of expectations from us and we will now work towards fulfilling them. We would utilise the funds to purchase or lease real estate for our offices, to acquire companies and to develop alternate delivery models.”

Bikhchandani, also the Co-founder and CEO of Info Edge India, and his wife Surabhi, who hold 44.60 per cent of the company’s shares, were worth Rs 722 crore at the end of the first day of the company getting listed on the bourses. Co-promoter and Chief Operating Officer, Hitesh Oberoi, who holds 7.60 per cent of the shares, was worth Rs 123 crore.

Info Edge generated a total income of Rs 84.05 crore for the year ended March 31, 2006, and reported a net profit of Rs 13.29 crore. The company has grown from being a Rs 3.63 crore turnover company four years ago to a Rs 84.05 crore company in FY06 at a CAGR of 117 per cent.

Besides Naukri.com, Info Edge owns matrimonial website JeevanSaathi.com and real estate portal 99acres.com. However, nearly 90 per cent of the company’s revenues come from Naukri.com. The other verticals – Jeevansathi.com and 99 acres.com – contributed about 5-6 per cent during this period. Info Edge acquired Jeevansathi.com in September 2004, while 99acres.com was launched in September 2005.

With a network of 45 offices in 30 cities in India as well as an office in Dubai, which is primarily engaged in sales, marketing and payment collection, Info Edge (India) has two subsidiaries, Naukri Internet Services Pvt Ltd and Jeevansathi Internet Services Pvt Ltd, which own Internet domain names and related trademarks used in the business.

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