 "OfBusiness Aims for Billion IPO Amid India’s Booming Market")
OfBusiness, a SoftBank-backed Indian online platform that supplies raw materials to businesses, is planning an initial public offering (IPO) worth up to $1 billion. The company is in talks with major banks, including Bank of America and JP Morgan, aiming for a listing on Indian stock exchanges in the second half of 2025. The IPO proceeds will help repay debt and support business growth. Founded in 2015, OfBusiness has raised over $800 million from investors and is targeting a valuation between $6 billion and $9 billion. The company, which reported a profit of $72.6 million in fiscal year 2024, focuses on supporting India’s booming manufacturing and construction sectors.
OfBusiness Sets Eyes on $1 Billion IPO in India
SoftBank-backed OfBusiness, an innovative Indian e-commerce platform that supplies raw materials to various businesses, is gearing up for a significant initial public offering (IPO) valued between $750 million and $1 billion. The company is currently in discussions with major banks, including Bank of America, Citi, JP Morgan, and Morgan Stanley, to manage this exciting offering. Chief Financial Officer Bhavesh Keswani noted that they aim to list on the Indian stock exchanges in the latter half of 2025.
The proceeds from the IPO will primarily be allocated towards debt repayment and expanding the existing business, marking a crucial step in the company’s growth strategy. OfBusiness, founded in 2015 by Asish Mohapatra and Ruchi Kalra, has raised over $800 million to date, with its last funding round in 2021 valuing the company at about $5 billion.
With a collective stake of around 15%, Japanese tech investor SoftBank and US-based Tiger Global are among the key stakeholders, alongside Alpha Wave Global, which holds 18%. As the company targets a valuation between $6 billion and $9 billion, they are proactively restructuring some subsidiaries to streamline operations ahead of the IPO.
As India’s stock Market continues to thrive—showing a remarkable 16% increase this year—OfBusiness is well-positioned to take advantage of the favorable environment. The manufacturing and construction sectors are currently booming, making this an opportune moment for the company to expand and innovate.
With a reported after-tax profit of $72.6 million on revenues of $2.3 billion in the fiscal year 2024, OfBusiness is not just another startup; it’s a key player in India’s rapidly growing economy.
Tags: OfBusiness, IPO, SoftBank, India, e-commerce, business news, stock Market, investment
What is OfBusiness planning for the IPO?
OfBusiness is planning to go public with an initial public offering (IPO) in the second half of 2025, aiming to raise up to $1 billion.
Why is OfBusiness going public?
OfBusiness is looking to raise funds to grow its business, expand its services, and improve its Market presence in India.
Who is backing OfBusiness for this IPO?
The IPO is backed by SoftBank, a well-known investment firm that has supported numerous successful startups globally.
What does OfBusiness do?
OfBusiness helps small and medium-sized businesses by providing them with credit and sourcing raw materials, making it easier for them to operate.
What will happen after the IPO?
After the IPO, shares of OfBusiness will be available for public trading, and the company will be required to share its financial details regularly with investors.
