SUMMARY
- OfBusiness aims to raise up to $1 billion through an IPO in India in the second half of 2025, with $200 million in new shares and the rest from existing shareholders.
- The IPO proceeds will be allocated to debt repayment and business expansion.
- The company is seeking a valuation between $6 billion and $9 billion.
SoftBank-backed OfBusiness, a leading Indian business-to-business (B2B) platform supplying raw materials, plans to launch an initial public offering (IPO) worth up to $1 billion on the Indian stock market in the second half of 2025. Bhavesh Keswani, the company’s Chief Financial Officer, confirmed that OfBusiness is in discussions with several global investment banks, including Bank of America, Citi, JP Morgan, and Morgan Stanley, to manage the offering.
The IPO is expected to raise between $750 million and $1 billion, comprising approximately $200 million in new shares, with the remaining amount offered by existing shareholders to new investors. The proceeds from the IPO will be primarily utilized for debt repayment and expansion of the company’s existing business operations.
OfBusiness is targeting a valuation in the range of $6 billion to $9 billion, according to a senior industry source familiar with the company’s plans. However, Keswani did not comment on the valuation target. SoftBank Group and Tiger Global hold a combined stake of around 15%, while Alpha Wave Global has an 18% share in the company. Founded in 2015 by Asish Mohapatra and Ruchi Kalra, OfBusiness has raised over $800 million in funding, with its last funding round in 2021 valuing the company at approximately $5 billion.
The company is proceeding with its IPO plans amidst strong performance in India’s stock market, with the benchmark index up by 16% this year, outpacing other Asian markets. OfBusiness has reported an after-tax profit of $72.6 million on a revenue of $2.3 billion for the fiscal year 2024, ending in March, and is in the process of merging some subsidiaries to streamline its operations ahead of the IPO.
Other notable companies backed by SoftBank, such as Ola Electric, have recently listed in India, and Hyundai Motor is planning a $3 billion IPO later this year.
