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Gujarat-based startup Infibeam files draft papers for its IPO, plans to raise around $70 mn

Infibeam Incorporation Ltd. has filed Draft Red Herring Prospectus
(DRHP) with SEBI and is reportedly planning to raise funds around $70 million through the IPO
route. This move makes them the first Indian e-commerce company to go the IPO way,

Infibeam Incorporation Ltd. has filed Draft Red Herring Prospectus
(DRHP) with SEBI and is reportedly planning to raise funds around $70 million through the IPO
route. This move makes them the first Indian e-commerce company to go the IPO way,
reports
Inc42. Magazine. 

Infibeam, which was founded in 2007 by Vishal Mehta, Sachin Dalal and Neeru Sharma,  is an online shopping portal that offers
cloud-based ecommerce platform service in B2C and B2B verticals and is
recognized globally for its innovative approach towards delivering business
values and responsive to changing customer needs. It runs several e-commerce
services such as Indent, BuildaBazaar, Incept and Picsquare.

According to the report, the startup plans to utilize the IPO proceeds
for setting up cloud data centre and shifting and setting up of registered and
corporate office of the company, as well as setting up of 75 logistics centres,
purchase of software and for general corporate purposes.

Under the public offer, at most 75% of shares would be allotted on a
proportionate basis to qualified institutional investors (QIIs), while about
60% of this portion can be given to anchor investors on a discretionary basis.
5% of the QIB portion (excluding the anchor investor portion) would be
available for allocation on a proportionate basis to mutual funds only.

Other than anchor investors, all potential investors can join in this issue through an
application supported by blocked amount (ASBA) process providing details of
their respective bank account which will be blocked by the concerned banks.

Another Indian company, i.e. Chennai-based customer support software
maker Freshdesk backed
by Google Capital and Tiger Global,
is also set to launch an IPO. Freshdesk’s cloud-based customer support software
with powerful features, an easy to use interface, and free pricing model,
enables companies to support customers through email, phone calls, websites,
forums and social media channels.

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