With the post budget rally seen in the Indian stock markets, the primary market, too, seems gearing up to take advantage of positive market sentiments. The Ahmedabad-based e-commerce firm, Infibeam Incorporation’s initial public offering (IPO) will be open for subscription on March 21 and will be closed on March 23.
The IPO will mark the beginning of e-commerce firms hitting the capital markets. Infibeam plans to raise Rs. 450 crore via IPO.
Despite, the stock market regulator, Sebi, has eased norms for IPOs of starts up, Infibeam plans to get listed on the BSE and NSE.
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.