OfBusiness, the SoftBank-backed B2B ecommerce unicorn, is preparing to file its draft red herring prospectus (DRHP) for an $800 million initial public offering (IPO) by mid-November, according to inc42.com. The proposed IPO is expected to include a fresh issue of up to $260 million, with the remainder of the shares offered by existing investors. The company is targeting a valuation between $5 billion and $6 billion.
The startup has engaged Axis Capital, Morgan Stanley, JPMorgan, and Citigroup as advisors for the IPO process, inc42.com reported. OfBusiness converted to a public entity in December 2024, changing its name 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 but postponed the listing due to unfavorable market conditions. The improved equities market has encouraged the renewed listing plans.
This move comes amid a recovering IPO market in India, which has prompted several large tech companies to revisit public listings. OfBusiness has also shown significant financial improvements, reporting a 21% year-on-year increase in net profit to ₹724 crore for fiscal year 2026, according to inc42.com. The company's performance and market conditions position it among notable upcoming tech IPOs in India.
The company’s renewed IPO filing is scheduled for mid-November, with the final valuation and share allocation details expected to be disclosed in the DRHP. This filing will mark a key milestone for OfBusiness as it seeks to capitalize on improved market sentiment and its strengthened financials.