Infibeam

Small finance bank's account holders will be able to make payments on websites 'powered' by CCAvenue, according to agreement

In the last 6 months, Infibeam Avenues has rallied 141 per cent from a level of Rs 16.6 reached on September 12, 2023

The company said that after receiving the in-principle approval from the RBI to operate as a payment aggregator in October 2022, the company received the final authorisation on March 4

The RBI allowed another window to PAs existing as of March 2020 to apply to the central bank for a license

E-commerce company Infibeam Avenues Sunday said it has terminated services of chartered accountancy firm S.R.B.C & Co. LLP as one of the joint statutory auditors of the company on grounds of sharing of unpublished price-sensitive information. In a filing to the BSE, Infibeam said Shah & Taparia shall continue to be the statutory auditor of the company. "The Board in its meeting held today (Sunday) has recommended subject to approval of regulatory authorities and shareholders, to terminate company's joint statutory auditor S.R.B.C & CO. LLP (Auditor), on the grounds of sharing company's unpublished price-sensitive information with personal e-mail accounts of their team and third-party on multiple occasions leading to breach of trust and loss of faith," Infibeam Avenues said. The company, on receipt of anonymous third-party information shared its preliminary findings to the Auditor, which has been verified and confirmed by the Auditor pursuant to internal investigation, it ..

Shares of Infibeam closed at Rs 152.8 a unit, down by 1 per cent compared to previous close, at the BSE

Shares ended at Rs 445.55, 3% higher compared to issue price of Rs 432 on NSE

The firm has raised Rs 450 cr through IPO is the first e-commerce firm in the country to make a stock market debut.

The IPO, which opened from March 21-23, was subscribed 1.11 times at a price band of Rs 360-432 per share.

Infibeam offer subscribed 1.1 times, MFs give it a miss

Infibeam is aiming to raise Rs 450 crore by issuing fresh shares in the IPO

The company has fixed the price band at Rs 360-432 per equity share for the IPO

The institutional investor portion was subscribed 47%

A lot of e-commerce start-ups have bungled in the past few months and the news of biggies like Flipkart having faced a valuation mark-down has dampened enthusiasm

The 12.5-million share offering received bids for nearly 2.55 million shares

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

Opportunities immense but risks are high, too; valuations are expensive as well

E-commerce firm Infibeam Incorporation is eyeing a valuation of as much as $334 million as it sells shares next week in the sector's first IPO

But Infibeam said the decision was due to the small size of the offering

If the stock does not manage to perform well, it is likely to impact valuations of the entire ecommerce sector