The initial public offering of Infibeam Incorporation has been fully subscribed. On Wednesday, the last date of the issue, the e-commerce firm received bids for 1.11 times the issue size, according to exchange data.

Investors had bid for 1.38 crore shares against 1.25 crore shares on offer, NSE data reveal.

High networth individuals and corporates were active bidders with orders worth 1.8 times the total number of shares reserved for them. However, institutional investors were not too keen on the issue. Their portion was subscribed just 0.85 times.

Retailers help

But retail investors’ portion got full subscription. Against an offer of 12.5 lakh shares, the company has received bids for 16.27 lakh shares. Most of the bids came in at the cut-off price.

Infibeam plans to raise at least ₹450 crore at the lower-end of its IPO and has set a price band of ₹360-462 a share.

The Ahmedabad-based e-tailer has not received any anchor investors to the issue.

Shares would be listed on the NSE and the BSE.

Infibeam runs several e-commerce services that include Infibeam.com, BuildaBazaar, Incept and Picsquare.

Infibeam plans to use the proceeds towards setting up a cloud data centre and shifting and setting up a registered and corporate office of the company. Besides, the funds will be used for setting up 75 logistics centres, purchase of software and for other general corporate purposes.

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