IPO-Bound OfBusiness Converts Into Public Company

IPO-Bound OfBusiness Converts Into Public Company

SUMMARY

B2B marketplace unicorn OfBusiness has converted itself into a public company

The startup’s name has now changed to OFB Tech Limited from OFB Tech Private Limited earlier

This follows reports that OfBusiness was planning to float an IPO worth $750 Mn-1 Bn in the second half of 2025

Taking yet another step in its preparations for its initial public offering (IPO), B2B marketplace unicorn OfBusiness

OfBusiness


Sector
Ecommerce
Stage
Undisclosed
Total Funding
$879.61 Mn+
has converted itself into a public company.

The board of OfBusiness passed a resolution on January 27 to change the status of the company from private to public.

Following the board’s approval, OfBusiness has rechristened itself as OFB Tech Limited from OFB Tech Private Limited, the company’s regulatory filings accessed by Inc42 showed. 

The development was first reported by the Economic Times.

This follows reports that OfBusiness was planning to float its $750 Mn to $1 Bn IPO in the second half of 2025. It is said to be eyeing a valuation of $6 Bn to $9 Bn for the IPO.

Founded in 2016 by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Nitin Jain, OfBusiness provides raw material procurement and financing solutions to SMEs operating in manufacturing and infrastructure sectors through its platform. 

It helps customers procure raw materials like metals, chemicals, polymers, agri commodities, petrochemicals, and building materials and infrastructure sectors.

OfBusiness last raised $325 Mn from investors like Alpha Wave Ventures II, Tiger Global, and Softbank in December 2021 at a valuation of $5 Bn. Overall, it has raised a total funding of about $878 Mn to date.

OfBusiness was said to have finalised five bankers – Axis Capital, Morgan Stanley, JPMorgan, Citigroup, and Bank of America – to manage its IPO. Its public offer will comprise a fresh issue of shares worth $200 Mn, while the rest will be an offer for sale (OFS).

The startup reported a 30% jump in its net profit to INR 603 Cr in the fiscal year 2023-24 (FY24) from INR 463.2 Cr in the previous fiscal year. Operating revenue zoomed over 25% to INR 19,296.3 Cr during the year under review from INR 15,342.6 Cr in FY23.

OfBusiness’ fintech arm Oxyzo Financial services, which provides cash flow-based financing to SMEs for buying raw materials, is also looking to go public. OfBusiness owns over 70% stake in Oxyzo.

Amid the boom in startup IPOs, over 20 new-age tech companies are eyeing a public listing in 2025. ArisInfra, Ather Energy, BlueStone, Smartworks, and Razorpay are among the startups looking to make their Dalal Street debuts this year. 

Lenskart, Groww, Zepto and Pine Labs are also stitching up plans for their IPOs. Earlier this month, quick commerce startup Zepto reverse-flipped to India from Singapore ahead of its eventual public listing.

The likes of Razorpay, Mensa Brands, Udaan and Eriditus are also mulling a ‘desh wapsi’ as they look to capitalise on the maturing startup ecosystem in the country and renewed investor interest in new-age tech stocks.