wordpress blog stats
Connect with us

Hi, what are you looking for?

123Greetings IPO Closes 10.27Pc Up On Debut Day; Plans Evite Foray; Financials

Intrasoft Technologies, which owns and operates the online greeting cards business 123greetings.com ended its debut day on the Indian bourses at Rs. 159.89, at a premium of Rs. 10.27% to its issue price of Rs. 145, at the upper end of its price band. The share had debuted at a discount, at Rs. 140. The IPO was oversubscribed, with subscriptions at 18.95 times. After Info Edge, this is the second Internet company to list in India.

During the day the stock saw a high of Rs. 167.15, and a low of Rs. 123.30, according to data at the BSE, and around Rs. 253.19 crores in the stock was traded.  At the end of the day Intrasoft had a market capital of Rs. 235 crores.

Financials For 2009-10

Intrasoft MD Arvind Kajaria told CNBC-TV18 that they’ve closed the financial year 2009-10 with revenues of Rs. 310 million and a profit of Rs. 90 million, and are expecting as much at Rs. 520 million in 2010-11 and a profit of Rs. 140 million. In addition, the company is expecting to turn in profit of Rs. 9 crores. I suppose “Other Income” from the money raised via the IPO should come in handy. For the 2008-09 fiscal, Intrasoft had reported revenues of Rs. 230 crores and net profit of Rs. 53 million. Watch the video here.
Event Invitations: Following Evite’s Footsteps

The other interesting part of that interview is that 123greetings is halfway into launching an an e-invitation website, a market that Kajaria says is double the size of the greeting cards market in the US. Given this statement, and previous statements regarding gifting, it appears that 123greetings is following down the path tread earlier by evite, which also offers users greeting cards, gifts and invitations. That model is likely to be advertising supported.

One transactions based model around events that I find interesting, is from Eventbrite (and in India by Ayojak). That model might be of use if integrated with another Intel Capital funded company: BuzzInTown.

Advertisement. Scroll to continue reading.

123Greetings.com IPO Subscribed 18.95 Times
123Greetings IPO Band At Rs 137 To Rs 145; Advertising Spends Planned

You May Also Like


Incorrect Border Gateway Protocol (BGP) announcements by Vodafone India’s network had ripple effects on the global internet over the weekend, with many networks facing...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ