Unicommerce files RHP as it gears up for IPO launch on Aug 6

E-commerce SaaS platform Unicommerce has filed its red herring prospectus (RHP), and is all set to launch its IPO on August 6, becoming the third SoftBank-backed company after Ola Electric and FirstCry to open IPO during the first week of August.

Unicommerce had filed its DRHP in January this year and got approval from market regulator Security Exchange Board of India (SEBI) earlier this month. The company proposed to raise funds through an offer for sale (OFS) of up to 2,98,40,486 equity shares. The firm will not have fresh issues for the proposed IPO.

AceVector Limited (formerly known as Snapdeal Limited) along with SB Investment Holdings (UK) Limited will participate in the OFS. While  AceVector will sell up to 9,438,272 equity shares, SB Investment will sell up to 16,170,240 equity shares of face value Re 1 each.

Importantly, AceVector’s co-founders, Kunal Bahl and Rohit Bansal, won’t be selling any shares in the OFS. This is probably the only IPO from the internet sector where the founders/promoters aren't selling any shares.

AceVector Limited holds a 34.91% stake in Unicommerce followed by SoftBank and B2 Capital Partners which command 29.09% and 9.91%, respectively. Madhuri Madhusudan Kela (1.65%), Dilip Vellodi (3.44%) and Anchorage Capital (7.73%) also command significant stakes in the company.

For the fiscal year ending in March 2024, Unicommerce reported Rs 103.5 crore in operating revenue against Rs 90 crore in FY23. The company’s profits surged more than two fold to Rs 13 crore in FY24 from Rs 6.4 crore in the previous fiscal year.