The first e-commerce organisation to tap the IPO route, Infibeam Incorporation Ltd, is a staunch competitor of Flipkart, Amazon and Snapdeal, and many others in the same sector. Infibeam has scheduled to list its shares on NSE and BSE.
On the opening day, Infibeam saw its Rs 450-crore issue getting subscribed at 21 per cent. The issue will receive bids for 26,44,792 shares which is against the total size of 1,25,00,000 shares, as per the NSE’s data till 1700 hrs on Monday.
At present, the issue is being handled by SBI Capital Markets and Elara Capital India.
As reported last week, Infibeam announced that two bankers – ICICI Securities and Kotak Mahindra Capital have exited from its public issue, although no valid reason has been given for their withdrawal. It is presumed that the withdrawal was decided over differences on pricing and timing of the IPO.
Infibeam aims at utilising the IPO proceedings to set up a cloud data centre to establish a registered and corporate office of the company. The funds will be used for 75 logistics centres, software purchases and general corporate purposes.
This year firms like HealthCare Global Enterprises (HCG), Quick Heal Technologies, TeamLease Services and Precision Camshafts – have made it to Dalal Street, and the IPO of Bharat Wire Ropes is ongoing.