Unicommerce, the e-commerce SaaS platform, is gearing up for its Initial Public Offering (IPO) set to launch on August 6, 2024.
The company has recently filed its Red Herring Prospectus (RHP) with the Securities Exchange Board of India (SEBI) and received approval earlier this month.
The IPO will consist solely of an Offer for Sale (OFS) of up to 2,56,08,512 equity shares.
Notably, Unicommerce will not issue any fresh shares as part of this offering.
Major Stakeholders and Offerings
The OFS will see significant participation from key stakeholders.
AceVector Limited, previously known as Snapdeal Limited, and SB Investment Holdings (UK) Limited will be the primary sellers.
AceVector plans to offload up to 94,38,272 equity shares, while SB Investment Holdings will sell up to 1,61,70,240 shares, each with a face value of Re 1.
In an unusual move for the sector, Snapdeal co-founders Kunal Bahl and Rohit Bansal will not be selling any shares.
This decision is a departure from typical IPO practices in the internet sector where founders often divest portions of their holdings.
Financial Performance and Company Background
Unicommerce, founded in 2012 and acquired by Snapdeal in 2015, provides e-commerce enablement SaaS platform that manages end-to-end post-purchase operations for brands, sellers, and logistics providers.
It offers products like warehouse management (WMS), order management (OMS), omni-channel retail management (Omni-RMS), and recently introduced logistics tracking (UniShip) and payment reconciliation (UniReco).
Serving both enterprise and SMB clients, Unicommerce supports comprehensive supply chain integration with various marketplaces and ERP systems.
Predominantly operating in India, it is expanding its international client base.
It has experienced significant growth over recent years. For the fiscal year ending in March 2024, Unicommerce reported a 15% increase in operating revenue, reaching Rs 103.5 crore compared to Rs 90 crore in FY23.
The company’s profits also surged, more than doubling from Rs 6.4 crore in FY23 to Rs 13 crore in FY24.
IPO Details
The IPO subscription period will open on August 6 and close on August 8, with anchor investor bidding available on August 5.
Notably, the IPO will feature only the OFS component and no fresh issue of shares.
Currently, AceVector Limited is the largest shareholder in Unicommerce, holding a 34.91% stake, followed by SoftBank with 29.09% and B2 Capital Partners with 9.91%.
Other significant stakeholders include Madhuri Madhusudan Kela (1.65%), Dilip Ramachandran Vellodi (3.44%), and Anchorage Capital (7.73%).
