SoftBank-backed OfBusiness is exploring a possible return to India’s public markets, aiming to raise up to $800 million, as it prepares for a listing that could occur in the second half of 2025 amid renewed investor interest and strategic exits.
OfBusiness is weighing a return to India’s public markets with a share sale that could raise as much as $800 million, according to people familiar with the discussions. The SoftBank-backed business-to-business commerce and financing platform has been working with banks including Axis Capital, Morgan Stanley, JPMorgan Chase and Citigroup as it prepares a possible listing, the people said.
According to reports cited by the company’s advisers and people close to the process, OfBusiness could file its draft red herring prospectus as early as November, although the timing, size and structure of the offering could still change. The proposed deal is expected to combine a fresh issue of shares worth up to $200 million with a larger secondary sale by existing investors.
Business Standard reported earlier this month that the company had been considering a broader fundraising target of $750 million to $1 billion and was targeting the second half of 2025 for a listing. OfBusiness has not publicly confirmed those details, and a spokesperson declined to discuss the IPO plans, saying only that a previous filing had been delayed until restructuring-related regulatory requirements were completed.
The potential revival comes after OfBusiness postponed an earlier attempt to go public when market conditions were less favourable. The company, founded in 2015, provides procurement services and embedded credit to small and medium-sized enterprises, helping them source materials and manage working capital across categories including metals, chemicals, agricultural commodities and apparel.
Investor interest in a listing may also reflect the company’s recent operating performance. The Economic Times reported that OfBusiness posted operating revenue of Rs 19,296.27 crore for the year ended March 31, 2024, while Moneycontrol said net profit rose 30% to Rs 604 crore in the same period. Separately, the company said in February that its reach had expanded to 26 states and seven union territories, with 170,000 consignments delivered in 2024.
Any offering would give long-time backers a route to partial exits as well. Mint reported that Alpha Wave Global and Z47 Partners were planning to sell shares worth about $100 million, while retaining most of their holdings. OfBusiness counts SoftBank Group, Tiger Global Management, Norwest Venture Partners, Matrix Partners and Falcon Edge Capital among its investors.
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