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SaleBhai Internet Ltd, owner and operator of e-commerce marketplace SaleBhai.com, has become the first B2C e-commerce company to have filed a draft prospectus with the SME platform of BSE Ltd.
It will be the first Indian start-up at such an early stage to raise money through public route by getting listed on the BSE, Vishwavijay Singh, Co-Founder, said in a statement here today. The Ahmedabad-based start-up had filed the draft prospectus on May 18.
SaleBhai plans to raise Rs 23.73 crore by issuing 22,59,600 equity shares or 26.58 per cent of the company’s equity. The IPO will be listed on the Bombay Stock Exchange’s SME Platform.
It intends to use the funds 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 Ltd (Monarch) will act as the issue’s lead manager, while Skyline Financial Services Private Ltd will act as the registrar to the issue.
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