Infibeam files for IPO in e-commerce listing

Indian e-retailer Infibeam filed a draft prospectus for an initial public offering (IPO) to raise 4.5 billion rupees ($70.69 million), becoming the first of India's e-commerce companies to list its shares on the domestic market. 

Infibeam's IPO comes at a time of intense competition in India's e-commerce sector, with high cash burn rates at industry leaders Flipkart, Snapdeal and Amazon.com's India unit raising concerns among investors. 

Launched in 2007, Infibeam runs the infibeam.com and BuildaBazaar.com websites. In 2014, Sony Music bought a 26% stake in Indent, the company's digital entertainment arm.

The company will use the IPO proceeds for expanding business, including setting up a Cloud data unit and 75 logistics centers.