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Infibeam to hit markets on March 21; to mop up Rs 450 cr via IPO

Press Trust of India  |  New Delhi 

Infibeam to hit markets on March 21; to mop up Rs 450 cr via IPO

Online shopping portal Incorporation will hit the capital on March 21 to mop-up Rs 450 crore through an initial share plan, becoming the first e-commerce firm to tap the IPO (initial public offering) route.

The company has fixed the price band at Rs 360-432 per equity share for the IPO. The IPO will conclude on March 23, according to the the latest update available with the Securities and Exchange Board of India (Sebi).

As per Draft Red Herring Prospectus, Gujarat-based plans to come out with public issue of equity shares worth up to Rs 450 crore.

competes with Flipkart, Amazon, Snapdeal and others in the e-commerce space.

The capital watchdog had already announced a new set of easier norms for listing of startups on a separate platform of stock exchanges. However, Infibeam has decided to go for listing on the main board.

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

It has proposed to list its shares on the NSE and BSE.

The issue is being managed by SBI Capital and Elara Capital India.

Infibeam plans to utilise the IPO proceeds towards setting up of cloud data centre and shifting and setting up of registered and corporate office of the company.

Besides, the funds will be used for setting up of 75 logistics centres, purchase of software and for other general corporate purposes.

Apart from Infibeam, two companies, HealthCare Global Enterprises (HCG) and Bharat Wire Ropes, will hit the capital markets this week.

Besides, three firms - Quick Heal Technologies, TeamLease Services and Precision Camshafts - have already hit the Dalal Street so far this year.

First Published: Mon, March 14 2016. 22:27 IST