Unicommerce files draft papers with Sebi to raise capital through IPO

E-commerce-focussed IT firm Unicommerce has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The issue is entirely an offer for sale (OFS) aggregating up to 2.98 crore equity shares by the selling shareholders, according to the Draft Red Herring Prospectus (DRHP) filed with Sebi.

Under the OFS, SB Investment Holdings (UK) Ltd, an affiliate of Japan's SoftBank, will offload 1.61 crore shares, promoter AceVector Limited (formerly known as Snapdeal Limited) will sell up to 1.14 crore shares and B2 Capital Partners will be selling up to 22 lakh shares.

Since the IPO is completely an OFS, the entire proceeds will go to the selling shareholders.

Unicommerce eSolutions is the fifth tech company which has filed IPO papers. Awfis Space Solutions, Ola Electric, Firstcry, and MobiKwik are the other technology companies that have filed draft papers in the past two weeks.

Founded in 2012, Unicommerce eSolutions is India's leading e-commerce enablement Software-as-a-Service (SaaS) platform.

The company's suite of SaaS solutions enables end-to-end management of e-commerce operations for brands, retailers, marketplaces and logistics service providers. It serves a large and growing base of clients in India including Lenskart, Fabindia, Zivame, TCNS, Mamaearth, Emami, Sugar, BoAt, Portronics, Pharmeasy, Cello, Urban Company, Mensa, Shiprocket, Xpressbees.

Unicommerce has been PAT-positive since FY21.

For the quarter ended September 30, 2023, the company had an annual run rate of processing 763.82 million order items for 743 enterprise clients and 2,830 SMB clients.

The company processed about 20-25 per cent of India's e-commerce dropship volume during Fiscal 2022, as per the Redseer Report.

Recently, a clutch of renowned investors, including Anchorage Capital Fund, Madhuri Madhusudan Kela, Rizwan Koita & Jagdish Moorjani, Dilip Vellodi and others recently acquired shares in the company.

IIFL Securities and CLSA India are the book-running lead managers to the issue.

Shares are proposed to be listed on BSE and the National Stock Exchange.