Infibeam, the e-commerce site with a motto ‘Shop with a smile’ has made an entry in the NSE and BSE, today. It has managed to raise around Rs 450 crore, through the Initial Public Offer (IPO).
The company has got a positive response from its investors and hence has risen to Rs 463.85 on BSE at 7.73 per cent on its issue price. The scrip had a total sell orders of 78,209 shares contrary to the buy orders of 1,30,690 shares on the exchange. With this entry, Infibeam is the first e-commerce player in India to make a stock market debut.
The IPO, opened from March 21-23 was subscribed 1.11 times at a value setting of Rs 360-432 per share. The portion, earmarked for QIBs – Qualified Institutional Buyers was subscribed 86 per cent. Non-institutional investors received 2.23 times subscription and the retail investors category was subscribed 1.31 times.
“…effective from Monday, April 4, 2016, equity shares of Infibeam Incorporation shall be listed and admitted to dealings on the exchange in the list of ‘B’ Group of securities,” BSE said in a circular, further quoted in a PTI report.
Established in 2007, Infibeam has various e-commerce services like Infibeam.com, BuildaBazaar, Incept and Picsquare. The company is looking forward to utilise the IPO proceeds to set up a cloud data center, for shifting and also building a registered and corporate office.
The funds will also be used to set up 75 logistics centers, purchase of software and for other corporate expenses.