IPO
B2B marketplace for SMEs OfBusiness revives IPO plans to raise $800-M
B2B (business-to-business) marketplace unicorn OfBusiness has revived its plans for an initial public offering, aiming to raise USD 800 million through a combination of a fresh issue and an offer for sale. The company is working with Axis Capital, Morgan Stanley, JPMorgan Chase & Co., and Citigroup to prepare for the listing, with a potential filing of its draft prospectus as soon as November.Established in 2015, the company operates a B2B commerce platform that integrates raw material procurement with embedded financing for small and medium-sized enterprises. The firm supplies various products, including metals, chemicals, agricultural commodities, and apparel, while also providing working capital and credit solutions.The proposed offering is expected to include a fresh issuance of USD 200 million, with the remaining capital generated through a sale by existing shareholders.
Between Feb 2016 and Mar 2025, OfBusiness had attracted about $779 M from Alpha Wave Global, SoftBank Corp, Z47, Creation Investments, Norwest, Cornerstone Venture Partners, Others.For FY25, OfBusiness had reported about INR 14,505 Cr in Operating Income and about INR 131 Cr in PAT.
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