OfBusiness Revives IPO Plans, Eyes $800M Raise
By Business Desk
SoftBank-backed OfBusiness is reportedly reviving IPO plans, aiming to raise up to $800 million. A draft prospectus filing is targeted for November.
OFB Tech Pvt, operating as OfBusiness, is reportedly exploring a revival of its initial public offering (IPO) plans. The company targets a raise of up to $800 million, with a draft prospectus filing aimed for November.
IPO Structure & Advisory
This renewed listing consideration comes after a previous IPO attempt was put on hold due to weak market conditions. The current exploration aligns with a recovering market for new share sales in India, which has seen an uptick after a subdued first half of the year.
The anticipated offering includes a fresh issuance component of up to $200 million. The remaining funds will be generated from existing shareholders selling their stakes.
OfBusiness is working with several financial advisors to prepare for the potential listing. These include Axis Capital Ltd., Morgan Stanley, JPMorgan Chase & Co., and Citigroup Inc.
Company Overview
Founded in 2015, OfBusiness operates as a business-to-business commerce platform. It facilitates raw material procurement for small and medium-sized enterprises and provides embedded financing solutions across various industrial sectors.
Key investors in OfBusiness include SoftBank Group Corp., Tiger Global Management, Norwest Venture Partners, Matrix Partners, and Falcon Edge Capital. The company’s services cover sectors such as metals, chemicals, agricultural commodities, and apparel.