Infibeam Gets SEBI’s Nod For Rs 450 Crores IPOOctober 6, 2015 2015-10-06 11:24
Infibeam Gets SEBI’s Nod For Rs 450 Crores IPO
With Securities and Exchange Board of India (Sebi) approval, Infibeam will soon be listed with capital markets regulator. Infibeam is planning to raise Rs 450 crore through initial public offering.
Founded by former Amazon executive Vishal Mehta in 2007, the company aims to build a strong ecosystem for retail business using .OOO domain and BuildaBazaar marketplace.
Apart from the ecommerce business, Infibeam also runs BuildABazaar (DIY ecommerce platform), Indent (Sony acquired 26% stake in Indent few years back), Incept and Picsquare.
With the added IPO investment, the company plans to set up a cloud data center and also move its registered office to Gujarat International Finance Tec-City (GIFT), Gandhinagar.
Under the public offer, at least 75 per cent of shares would be allotted on a proportionate basis to qualified institutional investors (QIIs), while up to 60 per cent of this portion can be given to anchor investors on a discretionary basis.
Five per cent of the QIB portion (excluding the anchor investor portion) would be available for allocation on a proportionate basis to mutual funds only.
All potential investors, other than anchor investors, can participate in this issue through an application supported by blocked amount (ASBA) process providing details of their respective bank account which will be blocked by the concerned banks.