Ahead of Infibeam Incorporation’s IPO early next week, two bankers, ICICI Securities and Kotak Mahindra Capital, have exited the online shopping portal’s public issue.
While the companies did not disclose reasons for their withdrawal, reports suggested this had 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 withdrew their participation,” according to the red herring prospectus dated March 11, 2016.
Infibeam Inc will hit 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. — PTI
