Infibeam Rises 5.8% On Opening Day

Infibeam is all set and running on India’s stock markets. After its much talked about IPO that concluded last week, the company started trading on the National Stock Exchange on Monday, and got off to a steady start. The stock listed at Rs. 457 on National Stock Exchange against its issue price of Rs. 432.

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Infibeam shot up 8% soon after trading began. It hit an intraday high of Rs. 459 and ended the day 5.8% up at the close of markets.

Infibeam’s IPO, the first ever by an Indian e-commerce company had eventually been subscribed 1.1 times after a sluggish start. The IPO had also run into some controversy, with 2 bankers backing out of the deal and allegations that the company was paying people on twitter to talk up its IPO.