Infibeam to raise Rs 450 crores through IPO

Online portal Infibeam Incorporation will go public on March 21 to mop-up Rs 450 crore through an initial share plan. It becomes the first e-commerce firm to tap the Initial Public Offer (IPO) route. The price band has been fixed at Rs 360-432 per equity share for the IPO. The IPO will conclude on March 23 as per the latest update available with capital markets regulator Securities and Exchange Board of India (Sebi). Gujarat-based Infibeam competes with Flipkart, Snapdeal and others.

The capital markets watchdog had already announced a new set of easier norms for listing of startups on a separate platform of stock exchanges. Infibeam has decided to go for listing on the main board. The company plans to utilise the IPO proceeds towards setting up of cloud data centre and shifting and setting up of registered and corporate office. Also, the funds will be used to set up 75 logistics centres, purchase of software and for other general corporate purposes.

Infibeam was started in 2007. It runs several e-commerce services like Infibeam.com, BuildBazaar, Incept and Picsquare. In addition to Infibeam, two other companies HealthCare Global Enterprises (HCG) and Bharat Wire Ropes will also hit the capital market.