Infibeam debuts on stock exchanges at 3.17% above issue price

Shares of Infibeam Incorporation today debuted on stock exchanges, closing the day at Rs 445.70 on BSE, a premium of 3.17 per cent over the issue price of Rs 432.
The e-commerce firm, which has raised Rs 450 crore through the initial public offer (IPO), is the first e-commerce player in the country to get listed.
On BSE, the stock listed at Rs 458, a gain of 6 per cent over its issue price. During the day the stock touched a high of Rs 466.90 and a low of Rs 439.90.
On NSE, shares of the firm closed at Rs 445.55, a premium of 3.13 per cent over its issue price. Total 73,42,816 shares were traded on the exchange.

During the day, it surged to a high of Rs 467 and a low of Rs 440.25 on NSE.
The IPO, which opened from March 21-23, was oversubscribed (rpt) oversubscribed at a price band of Rs 360-432 per share.

Started in 2007, Infibeam runs several e-commerce services like Infibeam.Com, BuildaBazaar, Incept and Picsquare.
Infibeam plans to utilise the IPO proceeds towards setting up of a cloud data centre and shifting and setting up of registered and corporate office of the company.
In addition, the funds will be used for setting up of 75 logistics centres, purchase of software and other general corporate purposes.