India's first e-commerce listing Infibeam gains 6% in opening trade

Shares of Infibeam Incorporation debuted on the stock exchanges today and listed at Rs 458 on BSE, a premium of 6 per cent over its issue price of Rs 432.

The e-commerce firm, which has raised Rs 450 crore through the initial public offer (IPO) is the first e-commerce player in the country to make a stock market debut.

On NSE the shares were listed at Rs 453, a premium of 4.86 per cent.

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

The IPO, which opened during March 21-23 was subscribed 1.11 times at a price band of Rs 360-432 per share.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 86 per cent and non-institutional investors received 2.23 times subscription.

Retail investors category was subscribed 1.31 times.

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.