Matrimony.com shares tank 8.5 pc after flat listing

Shares of Matrimony.com, which runs online match-making portals, plunged 8.5 per cent against its issue price of Rs 985 in its debut trade today.
The stock which had a flat debut at Rs 985, finally ended at Rs 901.20, down 8.5 per cent on BSE. During the day, it tumbled 9.31 per cent to Rs 893.20.
On NSE, shares of the company tanked 8.15 per cent to close at Rs 904.65.
The company commands a market valuation of Rs 2,036.23 crore.
In terms of equity volume, 7.24 lakh shares of the company were traded on BSE and over 33 lakh shares changed hands on NSE during the day.

The Rs 500-crore IPO of the company was oversubscribed 4.44 times during September 11-13.

The qualified institutional buyers (QIBs) portion was oversubscribed 1.88 times, non institutional investors 41 per cent and retail investors 18.16 times.
The price band was fixed at Rs 983-985 per share for the IPO.
Matrimony.com runs online match-making business under BharatMatrimony brand.
Net proceeds from the issue will be utilised towards advertising and business promotion activities, purchase of land for construction of office premises in Chennai, repayment of overdraft facilities and general corporate purposes.
Axis Capital and ICICI Securities were the book running lead managers to the offer. The registrar to the offer was Karvy Computershare Private Ltd.