SaleBhai Internet Limited, the owner and operator of SaleBhai.com, recently became the first B2C e-commerce company to have filed a Draft Prospectus (DP) with the small and medium enterprise (SME) platform of the Bombay Stock Exchange (BSE) Ltd.
This step will also effectively make the Ahmedabad-based startup the first to raise money through public route at an early stage.
For its IPO, SaleBhai is issuing 22,59,600 equity shares, offering 26.58 percent 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.
The company 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 make the customer experience even smoother and effortless.
Monarch Networth Capital Limited (Monarch) is acting as the issue's lead manager, while Skyline Financial Services Private Limited will act as the registrar to the issue.
This move comes after 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, and business, among others.
They connected with the ethos of SaleBhai and were quick to invest in this growing business. These customers saw the potential in the unique proposition of this online portal -- dedicated to fulfilling the needs of migrant communities across India and beyond.
By doing so, it also became a platform of discovery for unique regional products across India.
"Our mission - to take people back to their roots for just a moment and connect to their roots - has now helped us build a commercially successful company that is going public. We are proud of this moment, and look forward to having our company listed as we continue getting bigger and stronger," said Vishwavijay Singh, co-founder, SaleBhai.
While the company is awaiting BSE approval for the DP, it currently estimates that the IPO is likely to take place in July, 2018.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)