SaleBhai files draft prospectus with BSE for IPO

E-commerce firm SaleBhai Internet has filed a draft prospectus (DP) with the BSE's SME platform to launch initial public offer for raising around Rs 24 crore.

"For its IPO, SaleBhai is issuing 22,59,600 equity shares, offering 26.58 per cent of the company's equity in the market, and will be listed on the Bombay Stock Exchange's (BSE) SME Platform. It is looking to raise Rs 23.73 crores," SaleBhai said in a statement.

The Ahmedabad-based startup intends to use the funds raised through the IPO towards growing the company through increased customer acquisition, improved IT platform, addition of more authentic sellers as well as product categories, and improve customer experience, the statement said.

"SaleBhai had already garnered the interest of 71 high net worth individuals. Most of them were customers who became investors in the company. These existing customers-turned-investors come from various fields such as IT, finance, business etc," SaleBhai said.