As per people aware of the matter, the company is expected to be valued around Rs 1,800 crore for the IPO. However, a final call on the valuation will be taken closer to launch of the offering, they added.
Unicommerce shareholders AceVector Group, B2 Capital and SoftBank are together offering 29.8 million shares for sale in the IPO, as per the draft red herring prospectus (DRHP). The company, which is profitable, is not raising any fresh capital through the IPO.
At a valuation of Rs 1,800 crore, the selling shareholders are likely to raise about Rs 480-490 crore.
SoftBank is the largest selling shareholder, offering 16.2 million shares, or a 15% stake in Unicommerce. AceVector is selling 11.4 million shares (10%), while B2 Capital is offering 2.2 million shares (2%).
As of date, SoftBank owns a 29.2% stake in the company, while AceVector holds 38.2% and B2 Capital has an ownership of close to 10%.
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For the first six months of the ongoing fiscal 2024, Unicommerce reported revenue from operations of Rs 51 crore, a 24% year-on-year increase. Its net profit for the April-September period rose to more than Rs 6 crore from nearly Rs 2 crore.The company reported a 52% increase in operating revenue for the full year ended March 31, 2023 — Rs 90 crore vs Rs 59 crore in FY22. Net profit had increased 8% to Rs 6.4 crore from about Rs 6 crore.
In November, ET reported that the company had commenced the book-building process for its IPO and capital markets and investment firm CLSA was hired as one of the managers for the issue.
In December, Unicommerce expanded its board, inducting former SoftBank India head Manoj Kohli, FMCG sector veteran Ullas Kamath and Sheroes founder Sairee Chahal as independent directors.
It had also appointed Snapdeal founders Kunal Bahl and Rohit Bansal as non-executive directors. Bahl and Bansal are also cofounders of AceVector Group, which now houses Snapdeal, Stellaro Brands and Unicommerce. Snapdeal had acquired Unicommerce in 2015. In 2021, it sold a 30% stake in the firm to SoftBank.
According to the DRHP, several investors including Anchorage Capital Fund, CitiusTech founders Rizwan Koita and Jagdish Moorjani, and stock market investor Madhuri Madhusudan Kela picked up stakes in Unicommerce in December.
Between September 2022 and December 2023, AceVector had diluted a part of its stake in the company by selling shares to Anchorage, Koita, Moorjani, Kela, B2 Capital and others.
In addition to India, Unicommerce operates in markets such as Indonesia, the Philippines, Singapore, Malaysia, the UAE and Saudi Arabia. However, almost 97% of its revenue comes from India.
Founded in 2012, the company offers technology products to manage operations including warehouse and inventory management, order management, omnichannel retail management and seller management to ecommerce platforms.
The company counts large new-age consumer companies such as Myntra, Lenskart, Mamaearth and Boat among its clientele.
