ICICI Securities, Kotak Mahindra Cap exit from Infibeam's IPO

New Delhi: Ahead of Infibeam Incorporation's IPO early next week, two bankers - ICICI Securities and Kotak Mahindra Capital have exited from the public issue of the online shopping portal.

While the company did not disclose any reason for their withdrawal, reports suggested this has happened over differences about pricing and timing of the IPO, the first ever by any e-commerce company in India.

There were no comments from the company in this regard.

The draft red herring prospectus with respect to the issue was filed on June 30, 2015 with SBI Capital Markets, ICICI Securities and Kotak Mahindra Capital Company as the global co-ordinators and book running lead managers and Elara Capital (India) Private Limited as the book running lead manager.

"Subsequently, ICICI Securities and Kotak Mahindra Capital Company have withdrawn their participation from the issue," according to the red herring prospectus dated March 11, 2016.

Infibeam Inc will hit the capital markets on March 21 to mop-up Rs 450 crore through an initial share plan, becoming the first ecommerce firm to tap the IPO route.

The company has fixed the price band at Rs 360-432 per equity share for the IPO.

The initial public offer (IPO) will conclude on March 23.

As per Draft Red Herring Prospectus, Gujarat-based Infibeam plans to come out with public issue of equity shares worth up to Rs 450 crore.

Infibeam competes with Flipkart, Amazon, Snapdeal and others in the ecommerce space.

Started in 2007, Infibeam runs several e-commerce services like Infibeam.Com, BuildaBazaar, Incept and Picsquare.

It has proposed to list its shares on NSE and BSE.

The issue is being managed by SBI Capital Markets and Elara Capital India.

Infibeam plans to utilise the proceeds towards setting up of cloud data centre and shifting and setting up of registered and corporate office of the company.