Indian online retailer Infibeam Incorporation's initial public offering (IPO) attracted thin demand from institutional investors, just selling the total number of shares on offer to raise about $67.32 million in the country's first e-commerce listing.
The company, which makes money through its e-commerce portal and also licenses technology for bricks-and-mortar chains to set up their own sales websites, received orders for about 13.8 million shares against the 10.4 million on offer at the higher end of the price range, stock exchange data showed. "The issue is oversubscribed at the upper end of the price range across all categories," a spokesperson for the company said citing initial data from underwriters.