Unicommerce Sets IPO Price Band At INR 102-108, Aims To Raise Over INR 276.5 Cr

SaaS startup Unicommerce has set a price band of INR 102-108 per equity share for its upcoming initial public offering (IPO), which is going to open for bidding on August 6 and close on August 8.

The IPO, which consists of offer for sale (OFS) aggregating up to 2.56 Cr equity shares, will see the selling shareholders bag INR 276.57 Cr at the upper end of the price band. 

The anchor bidding is starting on August 5. The bid lot of the IPO is 138 shares and in multiples of the same thereafter.

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 respectively.

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Kunal Bahl and Rohit Bansal, who hold a joint stake in Unicommerce via their VC firm B2 Capital Partners, have withdrawn from the OFS.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.

The startup’s listing will come about eight months after the company initiated its IPO bid back in January when it filed its draft red herring prospectus (DRHP) with SEBI in January. It earlier planned to sell up to 2.98 Cr shares via its IPO. The IPO plans were approved by the market regulator in July. 

As of now, AceVector is the largest shareholder in Unicommerce, controlling 38.18% stake, while SoftBank holds a 29.23% stake. 

The startup’s move towards the public market comes at a time when its financial health is becoming healthier. For the financial year 2023-24 (FY24), Unicommerce’s net profit more than doubled to INR 13.1 Cr from INR 6.5 Cr reported in the previous year.

It saw its operating revenue jumping 15% to INR 103.58 Cr during the fiscal as against INR 90.06 Cr in FY23. Meanwhile, its total expenses also rose over 9% to INR 91.9 Cr in FY24 from INR 84.1 Cr in the previous fiscal year. 

Founded in 2012, Unicommerce is an ecommerce SaaS startup that helps businesses manage inventory across all online marketplaces. In its RHP, the startup also claimed to be the largest ecommerce enablement SaaS platform in transaction processing in terms of revenue in FY21, FY22, and FY23. Increff, Vinculum, Browntape, and Easyecom are among the other players that it competes with.

Its IPO is a part of the other three IPOs that we will be seeing emerging out of India’s fledgling startup ecosystem in the immediate future. Ola Electric and FirstCry are also on track to make their public market debuts in the first week of August. Meanwhile, startups like BlackBuck, Avanse, Fractal, among others are in line to make their public market debuts soon.

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