Gurugram-based Unicommerce files RHP for IPO, Softbank, AceVetor to sell stakes

Gurugram-based SaaS startup Unicommerce eSolutions Ltd has filed a Red Herring Prospectus (RHP) with the SEBI for its Initial Public Offering (IPO), which is set to open on August 6. 

According to the Red Herring Prospectus (RHP), the IPO will close on August 8, and anchor investors will have a dedicated bidding day on August 5.

The IPO will be an Offer For Sale (OFS) totalling 25.6 million shares, with the proceeds going entirely to the selling shareholders.

Details of the Offer For Sale (OFS)

The entire IPO is structured as an Offer For Sale, meaning no fresh shares will be issued.

Major shareholders involved in the OFS include SB Investment Holdings (UK) Ltd, an affiliate of Japan’s SoftBank, which plans to sell 16.1 million shares, and AceVector Group, previously known as Snapdeal Limited, which will offload up to 9.43 million shares.

B2 Capital Partners, the promoter entity through which Snapdeal co-founders Kunal Bahl and Rohit Bansal hold a stake jointly in Unicommerce, has withdrawn from the OFS component.

What does Unicommerce do?

Founded in 2012, Unicommerce is recognized as a leading e-commerce enablement SaaS platform in India. 

The company provides a suite of solutions that manage end-to-end e-commerce operations for various brands, retailers, marketplaces, and logistics service providers.

Some of its prominent clients include Lenskart, Fabindia, Mamaearth, and Urban Company.

It has also been expanding internationally, currently serving 46 clients across Singapore, the Philippines, Indonesia, the UAE, and Saudi Arabia, with plans for further expansion.

Unicommerce's financial performance

For the fiscal year ending March 2024, Unicommerce reported an operating revenue of Rs 103.5 crore, a notable increase from Rs 90 crore in the previous fiscal year.

The company's profits also saw a significant rise, doubling to Rs 13 crore from Rs 6.4 crore. 

Stakeholders and share distribution

Currently, AceVector Limited holds a 38.18% stake in Unicommerce, followed by SoftBank with 29.23%, and B2 Capital Partners with 9.91%. 

In December, Unicommerce expanded its board by onboarding former SoftBank India head Manoj Kohli, FMCG veteran Ullas Kamath, and Sheroes founder Sairee Chahal as independent directors. 

The company also onboarded Bahl and Bansal, who are also co-founders of AceVector Group, as non-executive directors. Snapdeal had acquired Unicommerce in 2015. In 2021, It sold a 30% stake in the firm to Japan-based Softbank. 

The IPO will be managed by IIFL Securities and CLSA India as the book-running lead managers, and the shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).