Unicommerce Files RHP For IPO, SoftBank To Sell Up To 1.61 Cr Shares

Snapdeal-backed SaaS startup Unicommerce has filed a red herring prospectus (RHP) with the markets regulator Securities Exchange of India (SEBI) for its initial public offering.

Unicommerce’s IPO will open for subscription on August 6 and close on August 8. The bidding for anchor investors will open for a day on August 5, according to the RHP.

Unicommerce’s IPO has no fresh issue component to the IPO. Instead, it solely comprises an offer-for-sale (OFS) component with 2.56 Cr equity shares.  

Under the OFS, AceVector Ltd (formerly Snapdeal) and SoftBank will be selling up to 94.38 Lakh equity shares and up to 1.61 Cr equity shares.

Meanwhile, Snapdeal cofounders Kunal Bahl and Rohit Bansal, who hold a joint stake in Unicommerce via their VC firm B2 Capital Partners, have withdrawn from the OFS. Earlier, they planned to offload 22 Lakh equity shares.

AceVector is the largest shareholder in Unicommerce with a 38.18% stake. Meanwhile, SoftBank holds a 29.23% stake in Unicommerce via its UK-based entity SB Investments Holdings (UK). 

It is pertinent to note that Unicommerce filed a draft red herring prospectus (DRHP) with SEBI in January. It earlier planned to sell up to 2.98 Cr shares via its IPO.

Founded in 2012, Unicommerce is an ecommerce SaaS startup that helps businesses manage inventory across all online marketplaces. It was acquired by Snapdeal in 2015 but the latter sold 30% of its stake in Unicommerce to SoftBank.

Unicommerce posted a net profit of INR 6.3 Cr in the first half (H1) of the financial year 2023-24 (FY24). Revenue from operations stood at INR 51 Cr during the period under review.

In FY23, the startup’s net profit rose 8% to INR 6.4 Cr from INR 6 Cr in the previous fiscal year. Revenue from operations jumped 52% to INR 90 Cr from INR 59 Cr in FY22.