E-commerce firm Infibeam made a stellar debut on the stock exchanges on Monday, with the shares listing at Rs 458 a share, up 6% over the issue price of Rs 432.
At 10:45hrs, the shares were trading at Rs 452, still up 4.6% over the issue price on the Bombay Stock Exchange. The broader markets were trading flattish, with the BSE Sensex up 0.1% or 35 points at 25,304.33.
Infibeam is the first of the new generation e-commerce companies to raise funds via capital markets in India. The Ahmedabad-based company raised Rs 450 crore via its IPO. The issue was stretched to the last day and got subscribed 1.1 times in the price band of Rs 360-432 a share.
The company is founded by former Amazon executive Vishal Mehta and runs e-commerce website infibeam.com, apart from online marketplace BuildaBazaar.
Analysts say the successful listing of Infibeam will attract other e-commerce and startup companies keen to raise funds to look at capital markets as another fund raising avenue.
Market regulator Sebi has been keen on the new generation startup companies get listed on the stock markets in India, instead of them going abroad. The market regulator even came out with easier listing norms for such companies last year.