Post-Listing: Bikhchandani Worth Rs 722 Crore, Hitesh Oberoi Rs 123 Crore; Kleiner Gets 3X
It was a terrific listing yesterday for Naukri.com. The stock touched a high of Rs 623 and closed at Rs 594. The share appreciated 85 per cent (Rs 273) from the IPO allocation price of Rs 320. It opened at Rs 451. The stock recorded a total trading volume of 19.4 million, almost five times the IPO float of 5.32 million shares, in both the exchanges. That’s almost 71 per cent of the company’s total outstanding capital of 27.3 million shares changing hands.
“I didn’t expect such a response,” Sanjeev Bikhchandani told ContentSutra.
At this price, the market cap of Naukri is about Rs 1619 crore. That values Bikhchandani’s (plus his wife Surabhi’s) 44 per cent stake in the company at Rs 722 crore (these are notional numbers). It was a big moment for Bikhchandani, an economics graduate from St Stephen
Ram "Sherpa" Shriram knows where to find gold or may be he carries the golden touch. :)
Naukri.com is more of a sales organisation than a dotcom, and thats the primary reason as to why they are successful. Its the jobsites, where you'll find serious sales professionals and in almost all the other sites in India, its the easy-going advertising(client servicing) guys who handle roles related to revenue. Thats one of the reason why all these dotcoms are not able to rake in moolah!
I am part of the internet Industry for tha past 9 years and am yet to meet a serious Sales professional from any of the dotcoms except jobsites. So naturally, Jobsites are most likely to do well going forward, till the other dotcoms get their recruitment act right!
99% of the Dotcom Sales/BD guys i've met are extreme chill-outs and dont understand the basics of sales process!
Naukri's success is attributed mostly to the sales team. There is a big hoopla about their strong management team. As far as my knowledge goes, its only the top 3 guys who are extremely strong on fundamentals ( including sanjeev), others in the Management have survived because the team performed for them. Sanjeev is a great leader and will continue to be the torch bearer for indian internet industry!
Actually ,he came when the business was mature, and IPO plans well on way (pre investment)!!
So yes he cashed in. But lets see how his other investments in India pan out..that is his acid test. One thing is sure they will be several more 'rich' indians (to be)in the waiting.
Rahul S
hopefully this will encourage the VC's to invest more in early stage companies :)
The first dot com listing and it's been a cracker. All the more reason that investors and entrepreneurs alike take note of the 'real' potential of a dot com business. After Naukri many more invested dot com's will be encouraged to list and more VC's will flock to pick up stake in listable internet businesses.
VCs are not fools and majority of the dotcoms in India are "simple losers" . The name of the game is "sales" and dotcome entreupreners are sad in setting up sales team!! Some of the best dotcoms ( including the so called MNCs) have the worst sales teams!!! . Its time, the dotcoms focus on sales team than hiring PYTs as Manager-Strategy, Manager-communications , Manager -Alliances , Manager-T&D etc…!!! VCs and the public are not gonna invest if there is no substance AKA sales!
RETRYTYJ
I AM FIT FOR THE JOB OF MANAGER
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