25 March, 2016, Mumbai: Infibeam’s Inc. Ltd’s Rs 450 crore IPO got fully subscribed. Though the IPO faced few hiccups during its initial stage, but managed to score a full bounty on the last day. With this development, Infibeam has become the Indian online retailer company to go public.
According to the data of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), the issue was subscribed 1.11 times at the close. There were lot of speculations hovering around the market when company rolled out its IPO and after it hit the low line, these speculations further heated up. Most of the dealers at the stock market felt that the company being smaller to Flipkart and Snapdeal, might not be able to allure the investors. One of the dealers at the stock market quoted, “There was no one going gaga about it. We saw very less interest in it. There were some quotes floating around, but hardly any deals have happened in the grey market for Infibeam.”
But Infibeam has put all the permutations and combinations aside and came out as a winner. BSE data showed that the portion reserved for qualified institutional buyers was subscribed 0.86 times cumulatively for NSE and BSE. Shares reserved for non-institutional investors were subscribed 2.23 times and those meant for retail investors filled in 1.31 time.
One of the bankers who participated in the sale informed, “The number of shares eventually offered as part of the issue was lower since the per-share price discovered was at the upper end of the price band of Rs.360-432 per share.”
