New Delhi: The share-sale programme of Infibeam Incorporation, the first e-commerce firm to tap the IPO route, was over-subscribed 1.10 times till late afternoon trade on the last day of the offer Wednesday.


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The Rs 450-crore IPO received bids for 1,37,70,850 shares against the total issue size of 1,25,00,000 shares, data available with the NSE till 1600 hours showed.


The portion set aside for qualified institutional buyers (QIBs) was subscribed 86 percent, sources said.


On the other hand, non-institutional investors category was over-subscribed 2.23 times, while that of retail investors received 1.25 times subscription.


The company has fixed the price band at Rs 360-432 per equity share for the initial public offer (IPO). The initial share-sale programme will conclude today.


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


Infibeam competes with Flipkart, Amazon and Snapdeal, among others, in the e-commerce space.


The company has proposed to list its shares on NSE and BSE.


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


Last week, the company said two bankers -- ICICI Securities and Kotak Mahindra Capital -- exited from its public issue.


However, the firm did not disclose any reason for their withdrawal, but reports suggest this happened over differences on pricing and timing of the IPO.


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


In addition, the funds will be used for setting up of 75 logistics centres, purchase of software and for other general corporate purposes.


So far this year, five firms -- HealthCare Global Enterprises (HCG), Quick Heal Technologies, TeamLease Services, Precision Camshafts and Bharat Wire Ropes -- have hit the Dalal Street with their IPOs.