The initial public offering of Softbank-backed SaaS platform Unicommerce saw a tremendous response from investors, as the issue subscribed within a few hours of opening.
The IPO, which has a price band of ₹102-108, was subscribed 2.43 times at the end of Day 1, as retail investors bid aggressively.
The public issue will close for subscription on August 8. The issue is an offer for sale (OFS) aggregating up to 2.56 crore equity shares valued at ₹276.6 crore. Under the OFS, SB Investment Holdings (UK) Ltd, an affiliate of Japan’s SoftBank, will offload 1.61 crore shares, and promoter AceVector Limited (formerly known as Snapdeal Limited) will sell up to 94.38 lakh shares.
Investors can bid for a minimum of 138 equity shares and in multiples thereof.
The company has reserved 75 per cent of the issue size for qualified institutional buyers, 15 per cent for non-institutional investors, and the remaining 10 per cent for retail investors. The QIB portion has yet to see any bidding. However, the quota reserved for the retail portion was subscribed nearly 10 times, while that of HNIs was subscribed 2.26 times.
SoftBank-backed SaaS platform Unicommerce eSolutions has garnered over ₹124 crore from anchor investors. It allotted 1.15 crore shares to 14 funds at ₹108 a share. SBI Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Kotak MF, Nippon India MF, DSP MF, Aditya Birla Sun Life MF, Morgan Stanley Investment Management, and Franklin Templeton Fund are among the investors who participated in the anchor book.
Founded in 2012, Unicommerce eSolutions is India’s leading e-commerce-enablement software-as-a-service (SaaS) platform. The company’s suite of SaaS solutions enables end-to-end e-commerce operations management for brands, retailers, marketplaces, and logistics service providers.
It serves a large and growing base of clients in India, including Lenskart, Fabindia, Zivame, TCNS, Mamaearth, Emami, Sugar, BoAt, Portronics, Pharmeasy, Cello, Urban Company, Mensa, Shiprocket, and Xpressbees.
IIFL Securities and CLSA India are the book-running lead managers to the issue. Shares of the company will be listed on the BSE and the National Stock Exchange