IPO
B2B commerce & financing platform OfBusiness plans $800-M IPO at $5-B valuation
Gurugram-based OfBusiness plans to raise USD 600-800 million through an initial public offering (IPO). The transaction will comprise a 30% fresh issue of shares and a 70% offer for sale by existing investors. The company has appointed Morgan Stanley, JPMorgan, Citibank, and Axis Capital as merchant bankers for the issue, which is expected to be priced at a valuation of USD 4.4 - 5 Billion. The firm plans to file its draft red herring prospectus by November, with the listing targeted for March or April next year.Founded by Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta and Vasant Sridhar, OfBusiness operates as a B2B (business-to-business) commerce and financing platform supporting SMEs (small and medium enterprises). It manages four business verticals, including metals, apparel, chemicals, and food processing, while also maintaining its own manufacturing and packaging subsidiaries.The company plans to use the proceeds from the IPO to support operations.OfBusiness has reported revenue of INR 20,000 crore in FY26 and has been profitable since FY18, posting a profit before tax of INR 780 crore in the 2025-26 fiscal year. While the firm is merging its manufacturing subsidiaries into the main entity, its financing business, in which it holds a 70% stake, will remain a distinct entity.
Between Feb 2016 and Mar 2025, OfBusiness had attracted about USD 779 M from Currae Healthtech Fund, Z47, Zodius Capital, Alpha Wave Global, Marshall Wace, Panthera Growth Partners, SoftBank Corp, Tiger Global, Cornerstone Venture Partners and others.
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