Infibeam to hit markets on March 21, mop-up Rs 450 crore via IPO

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The initial public offer (IPO) will conclude on March 23, as per the latest update available with capital markets regulator Securities and Exchange Board of India (Sebi).

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

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

The capital markets 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 Markets 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.