Infibeam's Rs 450-cr initial share sale gets over-subscribed

The initial public offer of Infibeam Incorporation, the first e-commerce firm to tap the IPO route, got oversubscribed 1.11 times on the last of the offer today.
Eliciting good response, the Rs 450-crore IPO received bids for 1,38,49,254 scrips against the total issue size of 1,25,00,000 shares.
According to data available with the NSE till 1830 hours, the portion set aside for qualified institutional buyers (QIBs) was subscribed 86 per cent.
The category of non-institutional investors was over-subscribed 2.23 times, while that of retail investors' portion saw 1.31 times over subscription.
Infibeam fixed the price band at Rs 360-432 per equity share for the IPO whose subscription closed today.

Started in 2007, Infibeam runs several e-commerce services like Infibeam.Com, BuildaBazaar, Incept and Picsquare.

Infibeam competes with Flipkart, Amazon and Snapdeal, among others, in the e-commerce space.
The company 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 for other general corporate purposes.
The company has proposed to list its shares on NSE and BSE. The issue is being managed by SBI Capital Markets and Elara Capital India.

Last week, the company said two bankers -- ICICI Securities and Kotak Mahindra Capital -- exited from its public issue.
However, the firm did not disclose any reason for their withdrawal, but reports suggest this happened over differences on pricing and timing of the IPO.
So far this year, five firms -- HealthCare Global Enterprises (HCG), Quick Heal Technologies, TeamLease Services, Precision Camshafts and Bharat Wire Ropes -- have hit the Dalal Street with their IPOs.