SoftBank-backed OfBusiness, an Indian B2B e-commerce platform supplying raw materials like polymers, agricultural goods, and industrial steel, is preparing for a significant IPO on the Indian stock market. The offering, expected in the second half of 2025, could raise up to $1 billion. The company is in discussions with Bank of America, Citi, JP Morgan, and Morgan Stanley to manage the IPO, which will include around $200 million in new shares, with the remainder being shares sold by existing investors.
Chief Financial Officer Bhavesh Keswani noted that the IPO proceeds will be used for debt repayment and business expansion. OfBusiness, which has raised over $800 million since its founding in 2015 by Asish Mohapatra and Ruchi Kalra, was last valued at approximately $5 billion in 2021. The company is now targeting a valuation between $6 billion and $9 billion. Key investors include SoftBank Group, Tiger Global, and Alpha Wave Global, holding a combined stake of around 33%.
India’s booming stock market and robust growth in manufacturing and construction sectors provide a favorable backdrop for the IPO. In FY 2024, OfBusiness reported a post-tax profit of $72.6 million on revenue of $2.3 billion. The company is also in the process of merging some subsidiaries to streamline operations ahead of the public offering.