E-commerce SaaS platform Unicommerce prepares for its August 6 IPO launch, files RHP
E-commerce SaaS platform Unicommerce has submitted its red herring prospectus (RHP) and is scheduled to go public on August 6. Following FirstCry and Ola Electric, Unicommerce will be the third SoftBank-backed company to open for business during the first week of August.
Unicommerce received approval earlier this month from the Securities Exchange Board of India (SEBI), the market regulator, for its DRHP, which it had filed in January of this year. An offer for sale (OFS) of up to 2,98,40,486 equity shares was how the company planned to raise money. There won’t be any new issues from the company for the anticipated IPO.
Participating in the OFS will be SB Investment Holdings (UK) Limited and AceVector Limited, formerly known as Snapdeal Limited.
Up to 16,170,240 equity shares with a face value of Re 1 each will be sold by SB Investment, while 9,438,272 equity shares will be sold by AceVector.
It’s noteworthy that Rohit Bansal and Kunal Bahl, the co-founders of AceVector, will not be selling any OFS shares. Probably the only initial public offering (IPO) in the internet industry where the promoters/founders aren’t selling any stock.
AceVector Limited owns 34.91% of Unicommerce, with SoftBank and B2 Capital Partners having 29.09% and 9.91% of the shares, respectively. Significant stakes in the company are also held by Dilip Vellodi (3.44%), Madhuri Madhusudan Kela (1.65%), and Anchorage Capital (7.73%).
In comparison to Rs 90 crore in FY23, Unicommerce reported operating revenue of Rs 103.5 crore for the fiscal year that ended in March 2024. From Rs 6.4 crore in the previous fiscal year to Rs 13 crore in FY24, the company’s profits more than doubled.
