SoftBank-backed off-business plans to launch IPO in India
Business: SoftBank-backed Indian shopping website OfBusiness is planning an initial public offering of up to $1 billion on the Indian stock market and is about to appoint bankers, according to a Reuters report. OfBusiness is currently in talks with Bank of America, Citi, JPMorgan and Morgan Stanley for the offering and plans to list on the stock market in the second half of 2025, the report quoted Chief Financial Officer Bhavesh Keshwani as saying. He said the initial public offering would be worth about $750 million to $1 billion, of which new shares would be worth $200 million and the rest would be offered by existing shareholders to new investors. “The IPO proceeds will be used for debt repayment and growing the existing business,” the report quoted Keshwani as saying.
The four banks did not respond to Reuters’ requests for comment.
The company is hoping for a valuation of about $6 billion to $9 billion, the report said, citing a senior industry source. According to the report, however, Keswani did not comment on the valuation. US-based Tiger Global and Japan-based SoftBank Group hold around 15% stake in OfBusiness. International investment firm Alpha Wave Global holds 18%. Ola Electric, another SoftBank-backed company, also got listed on the stock market this year.
OfBusiness was founded in 2015 by Ashish Mahapatra and Ruchi Kalra. It has raised over $800 million so far, and its previous 2021 funding round valued it at around $5 billion.
