Unicommerce Shares Fall Around 5% After Last Week’s Rally

Shares of enterprise tech startup Unicommerce plunged nearly 5% to INR 215 apiece during the intraday trading session on the BSE today (August 26).

However, the stock pared some of the losses and closed Monday’s trading session 5.12% lower at INR 214.25 per share on the BSE. After the closing, the startup’s market valuation was at 2,194.65 Cr ($261.6 Mn), as per BSE data.

It is pertinent to note that Awfis shares made a stellar market debut earlier this month listing at premium of INR 235, up 117.59% from its issue price of INR 108. On the BSE, it listed at INR 230, reflecting a 112.96% premium. 

Its public issue was also oversubscribed 168.3X on the final day of the bidding.

The initial public offering (IPO) saw investors bid for 237 Cr shares as against 1.4 Cr shares on offer, as per BSE data.

The startup had set a price band of INR 102-108 for the public issue. Ahead of its IPO, Unicommerce had raised INR 124.4 Cr from 14 anchor investors.

Unicommerce filed its draft red herring prospectus (DRHP) in January this year and received regulatory approval on July 1. The startup’s public issue comprised only an offer for sale (OFS) component of 2.56 Cr shares. 

Founded in 2012, Unicommerce is an ecommerce SaaS startup that helps businesses manage inventory across all online marketplaces. It claims to be the largest ecommerce enablement SaaS platform in transaction processing in terms of revenues (in FY23).

It was acquired by Snapdeal in 2015, but the latter sold 30% of its stake in Unicommerce to SoftBank later

On the financial front,  its net profit more than doubled to INR 13.1 Cr in the financial year 2023-24 (FY24) from INR 6.5 Cr reported in the previous year. On similar lines, its operating revenue surged 15% to INR 103.58 Cr in the reported fiscal as against INR 90.06 Cr in FY23.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.