Unicommerce IPO to open on Aug 6; sets price band at ₹102-108 apiece

The initial public offering (IPO) of Unicommerce eSolutions will open for subscription on August 6 and the issue will close on August 8. The country’s largest e-commerce enablement Software-as-a-Service (SaaS) platform has fixed IPO price band at ₹102-108 per equity share of the face value of ₹1 each.

The IPO of Unicommerce is completely an offer for sale (OFS) of 2.56 crore shares by selling shareholders, amounting to ₹276 crore at the upper end of the price band. As it is entirely an OFS, the IPO proceeds will go to shareholders offloading their stakes.

Under the OFS, SoftBank through its entity SB Investment Holdings (UK) will sell 1.61 crore shares, while promoter AceVector Ltd (formerly known as Snapdeal) will offload up to 94.38 lakh shares.

The lot size of the IPO is 138 shares and in multiples thereafter, which means the minimum application amount for retail investors is ₹14,904 for one lot and ₹193,752 for 13 lots, or 1,794 shares.

The allocation of shares to anchor investors is slated to take place on August 5, while shares are expected to be allotted to eligible applicants on August 9, 2024. The tentative date for listing of shares of Unicommerce on the BSE and NSE is August 13.

The MD and CEO Kapil Makhija-led company has reserved 75% of the issue for qualified institutional buyers (QIB), up to 15% for non-institutional institutional investors (NII), and the remaining 10% for retail investors.

Established in 2012, Unicommerce caters to the Indian e-commerce industry, which is experiencing phenomenal growth and is projected to reach $350 billion by 2030. It empowers brands, retailers, marketplaces, and logistics providers with a comprehensive suite of SaaS solutions for end-to-end e-commerce management. The company’s impressive client list includes leading names like Lenskart, Fabindia, Zivame, TCNS, Mamaearth, Emami, Sugar, BoAt, and many more.

The company posted revenue of ₹109.43 for the full year ended March 31, 2024, up 17.7% from ₹92.97 crore in the year ago period. The profit more than doubled to ₹13.08 crore from ₹6.48 crore in the corresponding period last year.

As of the quarter ended September 30, 2023, the platform powered 8,000+ warehouses and 1,900+ retail stores across India, the Middle East and Southeast Asia. It had a total of 743 enterprise clients and 2,830 SMB clients using its platform during the September quarter of 2023.

Ahead of its DRHP filing in January 2024, public market investors such as Anchorage Capital Fund (managed by Rohit Kothari), Madhuri Madhusudan Kela (wife of Madhusudan Kela), Rizwan Koita and Jagdish Moorjani (co-founders of CitiusTech), Dilip Vellodi (Founder of Sutherland Global Services), and others acquired shares in the company in December 2023.

IIFL Securities and CLSA India Private Limited are the book running lead managers of the Unicommerce eSolutions IPO, while Link Intime India Private Ltd is the registrar for the issue.

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