SaleBhai Internet Ltd, owner and operator of e-commerce marketplace SaleBhai.com, on Tuesday, said it has become the first B2C e-commerce company to file a draft prospectus with the SME platform of the BSE.
It will be the first Indian start-up at such an early stage to raise money through the public route by getting listed on the BSE, said Vishwavijay Singh, Co-Founder, in a statement here. The Ahmedabad-based start-up filed IPO papers on May 18.
SaleBhai’s move comes on the back of the company garnering the interest of 71 HNIs. Most of them were customers who became investors in the company. These existing customers-turned-investors come from various fields such as IT, finance, and business, among others.
Their confidence to invest in the company came from understanding its brand philosophy of taking diaspora communities back to their roots by providing them with authentic foods and other products directly from their hometowns. This interest from existing customers propelled the company to raise money from the general public through an IPO, Vishwavijay said.
For its IPO, SaleBhai is issuing 22,59,600 equity shares, or 26.58 per cent of the company’s equity, and will be listed on the BSE’s SME platform. It is looking to raise ₹23.73 crore.
The company expects the IPO to take place in July, Singh siad.