OfBusiness Set To File DRHP For $800 Mn IPO By Mid-November
B2B ecommerce unicorn OfBusiness is looking to revive its IPO plans amid improvement in equities market condition. Sources told Inc42…
Business-to-business e-commerce platform OfBusiness is preparing to file for an IPO, aiming to launch its $800 million initial public offering by mid-November. The funding giant SoftBank is leading the investment in the company. The proposed IPO would encompass a fresh issuance of up to $260 million, with the remaining shares available for sale by current shareholders.
The startup is targeting a valuation between $5 and $6 billion, according to sources. Major financial institutions including Axis Capital, Morgan Stanley, JPMorgan, and Citigroup have been enlisted to advise on the proposed listing. OfBusiness first converted to a public entity in December 2024, renaming itself from OFB Tech Private Limited to OFB Tech Limited.
The company had initially planned an IPO worth $750 million to $1 billion at a valuation of $6 billion to $9 billion. However, this listing was paused last year due to market volatility. The renewed push for an IPO comes as OfBusiness has shown significant improvements in its financial performance. In the fiscal year FY26, the company reported a 21% year-over-year increase in net profit to ₹724 crore, while its top line remained stable at ₹20,645 crore.
The EBITDA grew by 34% to ₹769 crore, with the profit margin improving to 4% from 2.6% in the previous year.
Written by urgent.news from Inc42's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
