The startup’s IPO size will be between $750 Mn to $1 Bn and will include fresh issue of shares worth $200 Mn
OfBusiness will eye a valuation between $6 Bn – $9 Bn, greater than its last valuation of $5 Bn
The startup is in talks with Bank of America, Citi, JP Morgan and Morgan Stanley for managing the IPO, which will be launched in the second half of 2025
B2B marketplace unicorn OfBusiness
has begun preparations for an initial public offering (IPO) of up to $1 Bn and is close to finalising the bankers for its public issue.
OfBusiness CFO Bhavesh Keswani told Reuters that the startup is in talks with Bank of America, Citi, JP Morgan and Morgan Stanley for managing the IPO, which will be launched in the second half of 2025.
The IPO size would be $750 Mn to $1 Bn. The offer will include a fresh issue of shares worth $200 Mn, while the rest will be an offer for sale component, said Keswani.
“The IPO proceeds will be used for debt repayment and growing existing business,” he told the publication.
The report, citing sources, also said that OfBusiness will eye a valuation between $6 Bn – $9 Bn.
It must be noted that the startup last raised $325 Mn from investors like Alpha Wave Ventures II, Tiger Global Management and Softbank in December 2021 at a valuation of $5 Bn.
Founded in 2016 by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Nitin Jain, OfBusiness facilitates raw material procurement and credit for SMEs for entities operating in manufacturing and infrastructure sectors through its platform. It helps customers procure raw materials like metals, chemicals, polymers, agri commodities, petrochemicals and building materials and infrastructure sectors.
It has raised a funding of $878 Mn till date and counts the likes of Tiger Global, Softbank, and Matrix Partners among its investors.
(The story will be updated shortly.)
