Salebhai, an Ahmedabad-based etailer of regional products, has received in-principle approval from the Bombay Stock Exchange (BSE) to file its initial public offering (IPO), within a month of filing a request to the BSE.
The company will be issuing 22,59,600 shares, offering 26.58% of its equity in the market to raise $3.48 Mn (INR 23.73 Cr). Reports estimate that the IPO is likely to take place in July 2018.
SaleBhai is one of the first companies to raise money through the public route at such an early stage. SaleBhai was launched in September 2015 by Vishwavijay Singh and Purba Kalita. The startup aims to be a discovery platform for migrant communities to source authentic products from their native places.
Commenting on the development, Vishwavijay Singh, co-founder, SaleBhai, said, “With the BSE approving our draft prospectus, we are well on our way of being the first B2C ecommerce company to have a public issue, and we are grateful to our customers, our backers, and our wonderful team members on this remarkable occasion.”
SaleBhai plans to use the funds raised through the IPO to grow the company through increased customer acquisition, an improved IT platform, the addition of more authentic sellers and product categories on its platform, and by making the customer experience smoother and effortless.
Monarch Networth Capital Ltd (Monarch) is acting as the issue’s lead manager, while Skyline Financial Services Pvt Ltd will act as the Registrar to the issue.