Online shopping portal, Infibeam and wire rope manufacturer Bharat Wire Ropes are set to tap the capital markets. The companies announced on Tuesday they will be raising a sum of Rs 450 crore and Rs 70 crore respectively through an initial public offering (IPO).
The first shopping portal to be listed, Infibeam’s IPO will begin from March 21. The price band for the issue is in the range of Rs 360–Rs 432. The proceeds of the IPO will be used for setting up a cloud data centre and shifting and setting up of a registered and corporate office of the company. The funds will also be used for setting up 75 logistics centres, purchasing software for general corporate purposes.
The company which competes with e-commerce portals like Flipkart, Amazon, Snapdeal and other e-commerce portals, is the first among online shopping portals in India to raise funds through the stock exchange route. The Gujarat-based company which started in 2007, runs several e-commerce services like Infibeam.com, BuildaBazaar, Incept and Picsquare.
The book running lead managers for Infibeam’s public offer are SBI capital markets and Elara Capital India. The company has reported a consolidated loss of R9.7 crore on a revenue of Rs 295 crore in FY15.
Bharat Wire Ropes’ IPO on the other hand will start from March 18 and will close on March 22. With a price band of R40- Rs 45, the proceeds of the issue will be used for setting up a fully integrated wire rope plant in Jalgaon, Maharashtra and for meeting other general corporate expenses. The book running lead managers for the issue are Bank of Baroda Capital Markets and Intensive Fiscal Services.
Shares of both the companies are proposed to be listed on the BSE and NSE. Apart from Infibeam and Bharat Wire Ropes, cancer care services provider, HealthCare Global’s (HCG’s) public offer will begin from March 16 and close on March 18. With a price band of Rs 205–218, HCG will be looking to raise Rs 649 crore from investors.