Infibeam's $80 Million IPO Fully Subscribed

Infibeam's $80 Million IPO Fully Subscribed
Advertisement

Indian online retailer Infibeam Incorporation's $80 million initial public offering (IPO) attracted thin demand from institutional investors, just selling the total number of shares on offer in the country's first e-commerce listing.

The company, which makes money through its e-commerce portal and also license technology for bricks-and-mortar chains to set up their own sales websites, received orders for about 13.8 million shares against the 12.5 million on offer, stock exchange data showed.

Demand for IPOs in India typically far exceed the supply, and though high net-worth individuals and corporates were active bidders with orders worth 2.2 times the total number of shares reserved for them, institutional investors bid for less than their allocated quota.

Although a comparatively small IPO, Infibeam's debut was widely expected to serve as a proxy for stock market investors' appetite for potential future offerings in the e-commerce sector, analysts and bankers said.

Flipkart and Snapdeal, India's two biggest e-commerce operators, have yet to make formal announcements on plans to go public, but bankers and insiders have said that both are considering a New York listing within the next two years.

Infibeam is aiming to raise up to Rs. 540 crores ($80.84 million), at the top end of a price band of Rs. 360 to Rs. 462 per share.

© Thomson Reuters 2016

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Apps, E Commerce, IPO, India, Infibeam, Internet, NSE
Google Photos Can Now Make Vacation Albums for You
India Funding Roundup: An IoT Hardware Startup, Mobile Tutoring Platform, and More
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »