SEBI nod for Infibeam’s Rs 450 crore IPO

NEW DELHI, INDIA: The Securities and Exchange Board of India (SEBI) has approved online shopping portal Infibeam’s proposal to raise Rs 450 crore through an initial public offer (IPO).

This makes the Gujarat headquartered Infibeam, the first company in the e-commerce space to tap the IPO route.

The company had filed the Draft Red Herring Prospectus (DRHP) with SEBI on June 30 for a public issue of its equity shares through which it aims to raise up to Rs 450 crore.

It has proposed to list its shares on the NSE and BSE. The issue is being managed by SBI Capital Markets, Elara Capital, ICICI Securities and Kotak Mahindra Capital Company.

Infibeam plans to utilise the IPO proceeds towards setting up of cloud data center and shifting, registered and corporate office of the company, 75 logistics centers, purchase of software and for general corporate purposes.