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Snapdeal-owned SaaS company Unicommerce has filed a draft red herring prospectus (DRHP) with market regulator SEBI for a secondary sale of 29.8 million shares, without any fresh issue component.
Unicommerce is the latest tech company to file an initial public offering (IPO) prospectus in the last fortnight, after Ola Electric, Firstcry and Mobikwik. The offer comprises an offer for sale aggregating up to 29,840,486 equity shares with face value of ₹1 each.
SB Investment to sell max
SB Investment Holdings (UK) Limited, an affiliate of Japan’s SoftBank, which owns up to 29.23 per cent stake in the start-up, will sell the highest number of shares in the IPO, 1.6 crore.
AceVector Limited, the promoter and parent entity of Snapdeal, will be selling up to 1.14 crore shares. AceVector currently owns a 38.18 per cent stake in Unicommerce. While, B2 Partners, which owns 9.95 per cent in the start-up, will be selling up to 22 lakh shares during the IPO.
The Gurugram-based company, established in 2012 and acquired by Snapdeal in 2015, enables end-to-end management of e-commerce operations for D2C brands, retail companies, and other online sellers through its comprehensive suite of SaaS-based technology products.
PAT-positive
Unicommerce has been PAT-positive since FY21. As per the DRHP, the company has a consistent track record of profitability and growth, with revenue growth of 52.56 per cent and 47.55 per cent over the previous fiscal years in FY 23 and FY 22, respectively. For the period ended September 2023, Unicommerce achieved an Annual Recurring Revenue (ARR) of ₹103.74 crore.
As per the DRHP, investor Madhuri Kela, American investment management firm Anchorage Capital, CitiusTech co-founders Rizwan Koita and Jagdish Moorjani, and Sutherland Global Services’ founder Dilip Vellodi invested in the company ahead of IPO. The company’s SaaS solutions enables end-to-end management of e-commerce operations for brands, retailers, marketplaces and logistics service providers.
IIFL Securities Limited and CLSA India Private Limited are the Book Running Lead Managers to the Issue.
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