Shares of Infibeam Incorporation Limited listed on the bourses on Monday. The company had raised Rs 450 crs by way of a fresh issue of shares in a price band of Rs 360-432. The issue was a compulsory 75% QIB issue and just about got subscribed. The share saw huge volume on day one and a combined total of 88.67 lakh shares were traded. This was 85% of the IPO size of 104.16 lakh shares. The delivery percentage was 25.25% of the traded volume. The weighted average of the day’s trade 451.89 on the BSE and Rs 451.62 on the NSE which was higher than the close of the day.
One FII sold on day one with Nomura Singapore selling 8.84 lakh shares at Rs 450.52. There were no names on the buying side.

This issue had many firsts to its credit with this being the first e-commerce company to go public in India. Secondly this was probably the first time that you saw a mid-sized offering where the company raised Rs 450 crs not receiving a single share subscription from any mutual fund. The valuations of many of our unlisted private equity funded e-commerce players would be linked to the success of Infibeam.

While the issue has survived day one quite admirably with the share closing with net gains of Rs 13.70 or 3.17%, the battle now begins. It would be interesting how this company fares going forward.