On the second day of the offer, the share-sale programme of Infibeam Incorporation, the first e-commerce firm to tap the IPO route, was subscribed 63 per cent.
The Rs 450-crore IPO received bids for 79,01,634 shares against the total issue size of 1,25,00,000 shares. The portion set aside for qualified institutional buyers (QIBs) was subscribed 47 per cent and retail investors category saw 67 per cent subscription. Non-institutional investors pie was oversubscribed 1.41 times.
The company has fixed the price band at Rs 360-432 per equity share for the initial public offer (IPO).
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 has proposed to list its shares on NSE and BSE. The issue is being managed by SBI Capital Markets and Elara Capital India.
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 for other general corporate purposes.