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IPO Note- Matrimony

“Incorporated in 2001, (MCL) today is the leader in match making services. The company provides online matchmaking and marriage services through the Internet and mobile platforms in India and internationally. Currently, the company has a huge database comprising of 3.08 million active profiles. Its flagship brand, BharatMatrimony, has 15 language based domains under its umbrella.
Outlook & Valuation: Going forward, we expect the company to perform better on top-line and bottom-line front considering strong brand value, leadership position, robust technology and expansion into marriage services segment. Further, it has strong user data base, which provides competitive edge to the company.  At the upper end of the price band, the pre issue P/E multiples works out be 35.7x of 1QFY2018 Annualized EPS, which is lower compared to peers (Info edge is trading at 46.4x its 1QFY2018 Annualized EPS). Hence, we recommend ‘SUBSCRIBE’ on the issue for a mid-to-long term period.”

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