Snapdeal-owned Unicommerce receives SEBI approval for IPO launch

Snapdeal-owned retail and ecommerce enablement SaaS platform Unicommerce eSolutions Limited has finally received approval from the Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO).

The development comes six months after the company filed its draft red herring prospectus (DRHP) with SEBI for IPO.

Apart from Unicommerce, SEBI also approved Gala Precision Engineering Limited, Noida-based Interarch Building Products Limited, and Brainbees Solutions Limited, popularly known as FirstCry, for IPO.

Who are the selling shareholders?

Unicommerce plans to offer up to 2.98 crore equity shares with a face value of Rs 1 per share. According to the disclosure document, the markets regulator received the company's final observation letter on Friday, June 28.

Promoters of the company, such as AceVector Limited, formerly known as Snapdeal Limited, have planned to offer 1,14,59,840 or 1.14 crore shares for the offer-for-sale.

Other investors, such as B2 Capital Partners and SB Investment Holdings (UK) Limited, have planned to dilute 22,10,406 or 22.1 lakh equity shares and 1,61,70,240 or 1.61 crore equity shares, respectively.

IIFL Securities Limited and CLSA India Private Limited run the books as lead managers for the company's public listing.

IPO to not include fresh issue of equity shares

Notably, The New Delhi-based company's IPO will not comprise any fresh issue of equity shares. 

Anchorage Capital Fund, Madhuri Madhusudan Kela, Rizwan Koita & Jagdish Moorjani, Dilip Vellodi and others picked up a stake in the company when it filed its Draft Red Herring Prospectus (DRHP) on January 5, 2024.

What does Unicommerce do?

Founded in 2012 by Manish Gupta, Ankit Pruthi, Vibhu Garg, and Karun Singla, Unicommerce provides solutions to streamline end-to-end ecommerce operations management for brands, retailers, marketplaces, and logistics service providers.

The company claims to have worked with over 3,500 clients, including Lenskart, Fabindia, Zivame, TCNS, Mamaearth, Emami, Sugar, BoAt, Portronics, Pharmeasy, GNC, Cello, Urban Company, Mensa, G.O.A.T, Shiprocket, Xpressbees, etc.