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00:00:02
>> A smash hit IPO for the first Indian matchmaking site to go public. Matrimony.com receiving more than 12 million share applications ahead of its upcoming listing, nearly four times the number on offer. The service matches couples who, along with their parents, then decide if the pairing makes social and economic sense.
00:00:19
It's got more than three million active profiles, no small feat in a country where live-in relationships are taboo and dating services like Tinder market themselves as parent-approved. As Reuters' Sankap Partial reports, Matrimony knows its market.>> In socially conservative India, marriages are often arranged by parents after months of matchmaking.
00:00:37
Matrimony.com runs a host of websites and apps in 50 different languages where parents hunt for spouses for their children. This is the first IPO of an Indian online matchmaking service and could well open the doors for other rivals to list on Indian exchanges.>> The site also has India's cultural diversity in mind, using details like mother tongue, even social caste to match couples together.
00:00:59
It also helps customers find venues, outfits, and photographers, all key features in a country where people spend an estimated 20% of their lifetime wealth on their children's weddings.>> Indian weddings are often lavish and a show of economic and social status. India's wedding services industry is worth $50 billion.
00:01:15
This is also a country which is the world's fastest growing web services market, which means more and more Indians are going online to find their partners.>> As well as being the first Indian company to go public in a lucrative industry, Matrimony's listing success is also thanks to an IPO boom that's seen the stock market rise nearly 25% this year.
00:01:33
Around 20 Indian companies have floated since January, all of them seeing overwhelming demand. In a handful of cases, applications for more than a hundred times the actual number of shares on sale. Matrimony stock will officially start trading later this month.>> To search an