India-based SaaS platform for e-commerce enablement, Unicommerce eSolutions Ltd, is preparing for its initial public offering (IPO). The company has set a price band of Rs 102-108 per share for the IPO, which will be an Offer for Sale (OFS) by existing shareholders.
Details of the Offer for Sale
The IPO is valued at Rs 276.6 crore at the upper end of the price band. Existing shareholders will offload up to 2.56 crore equity shares. This is slightly reduced from the earlier plan of 2.98 crore shares. Major sellers include SB Investment Holdings (UK) Ltd, an affiliate of Japan’s SoftBank, which will offload 1.61 crore shares, and promoter AceVector Ltd. (formerly Snapdeal Ltd.), which will sell up to 94.4 lakh shares.
IPO Subscription Dates
The public issue will open for subscription on August 6 and close on August 8. The anchor investor portion will open a day earlier on August 5. This gives institutional investors a chance to subscribe before the general public.
Valuation and Stake Distribution
At the upper end of the price band, Unicommerce will be valued at over Rs 1,100 crore (approximately $130 million). The proceeds from the IPO will go to the selling shareholders, not the company. Currently, SoftBank holds a 29.2% stake in Unicommerce, AceVector owns 38.2%, and B2 Capital Partners, through which Snapdeal co-founders Kunal Bahl and Rohit Bansal hold a 9.91% stake, decided not to participate in the OFS, having initially planned to sell up to 2.2 million shares.
Investor Allocation and Listing
Unicommerce has reserved 75% of the issue size for qualified institutional buyers (QIBs), 35% for non-institutional investors, and the remaining 10% for retail investors. The IPO will be managed by IIFL Securities and CLSA India as the book-running lead managers. The shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Company Background
Founded in 2012, Unicommerce is recognized as a leading e-commerce enablement SaaS platform in India. The company provides a suite of solutions that manage end-to-end e-commerce operations for various brands, retailers, marketplaces, and logistics service providers. Some of its prominent clients include Lenskart, Fabindia, Mamaearth, and Urban Company.
International Expansion
Unicommerce is not only focused on the Indian market but has also been expanding internationally. The company currently serves 46 clients across Singapore, the Philippines, Indonesia, the UAE, and Saudi Arabia. There are plans for further expansion to strengthen its global presence.
Company IPO is a significant step for the company as it aims to raise capital and continue its growth trajectory. With a strong foundation and plans for international expansion, Unicommerce is set to make a notable impact in the e-commerce enablement sector.
