Sanjeev Bikhchandani can smile now. First, the IPO of Info Edge, the promoter of jobs portal ww.naukri.com, was subscribed 54.77 times.
Today, the shares were listed at a premium of 50 per cent over its issue price of Rs 320 at Rs 480, hit a high of Rs 624 in noon deals and finally closed at Rs 593 - a gain of 85 per cent (Rs 273).
The offer consisted of 53.23 lakh equity shares of which 5.32 lakh shares were reserved for employees.
An economics graduate from St Stephen's College, Delhi who quit a corporate career in 1990 to set up Info Edge, 42-year-old Sanjeev Bikhchandani would be worth about Rs 717 crore for his 44 per cent (1.21 crore shares) post-issue stake at the closing price.
Prior to the issue, he held 53.71 per cent of Info Edge. In September 2006, Sanjeev sold a chunk of his holding at Rs 245 per share, netting him about Rs 10 crore (Rs 100 million).
In May 2006, Kleiner Perkins Caufield & Byers and Sherpalo Ventures had picked up close to 5 per cent stake in Info Edge for $6 million. ICICI Venture also owns a stake in Info Edge, and had invested Rs 7.29 crore (Rs 72.9 million) in 2000.
Info Edge generated a total income of Rs 84.05 crore (Rs 840.5 million) for the fiscal year ended March 31, 2006, and reported a net profit of Rs 13.29 crore (Rs 132.9 million).
Info Edge's recruitment classified and related services are being offered through naukri.com and Quadrangle (an offline executive search business) accounting for 92% revenue (including other income) of Rs 84 crore (Rs 840 milion) for the year ended March 31, 2006.
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 and 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 primarily engage 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.
