Unicommerce, a leading SaaS platform specializing in e-commerce solutions, has officially filed its red herring prospectus (RHP) as it gears up for its initial public offering (IPO) slated for August 6. This move positions Unicommerce as the third SoftBank-backed company, following Ola Electric and FirstCry, to debut its IPO in the first week of August.
The company initially filed its draft red herring prospectus (DRHP) in January of this year and recently received the green light from the Securities and Exchange Board of India (SEBI). Unicommerce aims to raise capital through an offer for sale (OFS) consisting of up to 29,840,486 equity shares. Notably, the IPO will not include the issuance of new shares.
The OFS will see participation from AceVector Limited (formerly known as Snapdeal Limited) and SB Investment Holdings (UK) Limited. AceVector plans to offload up to 9,438,272 equity shares, while SB Investment intends to sell up to 16,170,240 equity shares, each with a face value of Re 1.
A unique aspect of this IPO is that AceVector’s co-founders, Kunal Bahl and Rohit Bansal, will not be selling any of their shares in the OFS. This decision marks a significant departure from the norm in the internet sector, where founders and promoters often divest their shares during IPOs.
Currently, AceVector Limited holds a 34.91% stake in Unicommerce, making it the largest shareholder. SoftBank and B2 Capital Partners follow with stakes of 29.09% and 9.91%, respectively. Other notable shareholders include Madhuri Madhusudan Kela, who holds 1.65%, Dilip Vellodi with 3.44%, and Anchorage Capital, which commands a 7.73% stake in the company.
Financially, Unicommerce has demonstrated strong performance. For the fiscal year ending March 2024, the company reported an operating revenue of Rs 103.5 crore, up from Rs 90 crore in the previous fiscal year (FY23). Moreover, the company’s profits more than doubled, reaching Rs 13 crore in FY24 compared to Rs 6.4 crore in FY23.
