Sunday, July 14, 2024

Snapdeal’s Unicommerce Gets SEBI Approval for IPO Launch

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Snapdeal’s Unicommerce eSolutions Limited has received approval from the SEBI (Securities and Exchange Board of India) to proceed with its initial public offering (IPO). This milestone follows the company’s submission of its draft red herring prospectus (DRHP) to SEBI six months ago.

In addition to Unicommerce, SEBI has also approved IPO plans for Gala Precision Engineering Limited, Interarch Building Products Limited based in Noida, and Brainbees Solutions Limited, commonly known as FirstCry.

Unicommerce intends to offer up to 2.98 crore equity shares with a face value of Rs 1 per share. The offering includes shares from various selling shareholders, including AceVector Limited (formerly Snapdeal Limited), which plans to offer 1.14 crore shares for sale. Other investors such as B2 Capital Partners and SB Investment Holdings (UK) Limited are also set to dilute their stakes through the IPO.

Leading the book-running for Unicommerce’s IPO are IIFL Securities Limited and CLSA India Private Limited.

It’s noteworthy that Unicommerce’s IPO will not involve any fresh issue of equity shares.

Unicommerce, based in New Delhi and founded in 2012 by Manish Gupta, Ankit Pruthi, Vibhu Garg, and Karun Singla, specializes in providing ecommerce operations management solutions. The platform caters to brands, retailers, marketplaces, and logistics service providers, streamlining their end-to-end operations.

The company boasts a client base of over 3,500 entities, including prominent names like Lenskart, Fabindia, Zivame, TCNS, and Pharmeasy, among others.

This SEBI approval marks a significant step for Unicommerce towards accessing public markets and expanding its operational scope in the ecommerce enablement sector. Stay tuned for further updates as Unicommerce prepares to launch its IPO and enter the next phase of growth in the digital commerce landscape.

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