Bombay Stock Exchange building
BSE benchmark index Sensex is likely to open on a weak note on Monday.Picture: A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, July 15, 2015Reuters file

Infibeam becomes the first Indian e-commerce company to go public. The company, founded by former employee Vishal Mehta in 2007, will hit the capital markets March 21 to raise Rs 450 crore.  

The company has fixed the price band at Rs 360 to Rs 432 per share and the issue will remain open from March 21 to March 23, PTI reported. The shares are expected to list on both the major stock exchanges -- the Bombay Stock Exchange and the National Stock Exchange -- on April 4. 

The online retailer said it would utilise the proceeds from the initial public offering (IPO) in creating a cloud data centre, some logistics centres and for general corporate purposes. 

The company runs e-commerce services like, BuildaBazaar, Indent, ILPL, Odigma, Incept and Picsquare. 

It sells products ranging from mobile and tablet, books and magazines, computers and accessories, electronics, gifts and cameras to fashion accessories, home and kitchen appliances, baby care products, toys, music, movies, health and fitness equipment and auto accessories.

Interestingly, Infibeam goes for the IPO even as valuations for Indian tech start-ups are under stress, according to Reuters, which cited the 27 percent mark-down in Flipkart's valuation by Morgan Stanley in February. 

India's e-commerce is expected to remain bullish in the years to come, according to an analyst.

"We now increase our 2020 estimate (of India's e-commerce market) from $102 billion to $119 billion," Morgan Stanley Research said in a report, according to the Economic Times