OfBusiness Set To File DRHP For $800 Mn IPO By Mid-November
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B2B ecommerce unicorn OfBusiness is looking to revive its IPO plans amid improvement in equities market condition. Sources told Inc42 that the SoftBank-backed startup will be looking to file for an IPO within the month of November.
The proposed $800 Mn IPO could comprise a fresh issue of up to $260 Mn, while the remaining shares are expected to be offered for sale by existing investors. The startup will be targeting a valuation in the range of $5-6 Bn, sources shared on the condition of anonymity.
The development was first reported by Bloomberg, which said OfBusiness has brought on board Axis Capital, Morgan Stanley, JPMorgan and Citigroup to advise on the proposed listing.
OfBusiness has been working on firming up its public markets plan for some time now. In December 2024, the company converted itself into a public entity, changing its name from OFB Tech Private Limited to OFB Tech Limited. It was then reported to be targeting an IPO worth $750 Mn to $1 Bn at a valuation of $6 Bn to $9 Bn.
It had shelved an earlier listing plan last year amid weaker market conditions. Since then, India’s IPO market has begun to recover, encouraging several large new-age tech companies to revisit their public markets ambitions.
For OfBusiness, the renewed listing push comes at a time when the company is marking significant improvements in its bottom line performance. For the fiscal year FY26, OfBusiness reported a 21% YoY uptick in its net profit to ₹724 Cr. Meanwhile, its top line remained largely stable at ₹20,645 Cr.
EBITDA grew 34% to ₹769 Cr, while the margin improved to 4% from 2.6% in the previous year. OfBusiness attributed the rise to stronger manufacturing integration and its exit from lower-return business segments.
Founded in 2015 by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Nitin Jain, OfBusiness buys bulk industrial materials like metals, chemicals, building materials, and agri-products sells them in smaller, manageable quantities directly to SMEs.
Via its NBFC arm Oxyzo, it also provides collateral-free purchase financing and credit lines to small businesses to purchase the raw materials they require.
The startup has raised nearly $900 Mn from the likes of SoftBank, Tiger Global, Z47, Alpha Wave, Norwest Venture Partners, Z47 (erstwhile known as Matrix Partners India) and Falcon Edge Capital.
The post OfBusiness Set To File DRHP For $800 Mn IPO By Mid-November appeared first on Inc42 Media.
