Unicommerce IPO: SoftBank Backed Startup Raises Over INR 124 Cr From Anchor Investors

SaaS startup Unicommerce has raised INR 124.4 Cr from 14 anchor investors ahead of its IPO opening on Tuesday (August 6).

The startup said it allocated 1.15 Cr equity shares to anchor investors at INR 108 apiece. Out of the total allocation, 87.29 Lakh equity shares (75.75% of the total allocation) were allocated to eight domestic mutual funds through a total of 10 schemes.

SBI Technology Opportunities Fund, Nippon India Mutual Fund, and ICICI Prudential Technology Fund bought the highest amount of shares, 12.96 lakh each, for INR 42 Cr cumulatively. The funds received 11.25% of the anchor investor portion each.

Morgan Stanley India Investment Fund was allocated INR 9 Cr worth of Unicommerce shares for an anchor investor portion of 7.23%.

On the other hand, Aditya Birla Sun Life Trustee Private Limited via Aditya Birla Sun Life Small cap Fund bought about INR 8.1 Cr worth of shares for an anchor investor portion of 6.5% in the IPO-bound startup.

The Prudential Assurance Company, Franklin India Technology Fund, DSP Multicap Fund, HDFC Mutual Fund, and High Conviction Fund were among the other anchor investors.

Opening tomorrow, Unicommerce’s INR 276.5 Cr IPO will close on August 8. 

Its public issue comprises only an offer-for-sale (OFS) component of 2.56 Cr equity shares. The startup has set a price band of INR 102-108 per equity share for the public offering.

As part of the OFS, AceVector Ltd (formerly Snapdeal) and SoftBank are set to offload 94.38 Lakh equity shares and 1.61 Cr equity shares, respectively.

Earlier, Snapdeal cofounders Kunal Bahl and Rohit Bansal, who hold a joint stake in Unicommerce via their VC firm B2 Capital Partners, had plans to offload 22 Lakh equity shares. However, B2 Capital is not selling shares as part of the OFS anymore. 

Unicommerce’s IPO is opening on the same day as that of FirstCry, which is looking to raise INR 4,193 Cr via its public offering.

However, unlike two of its IPO-bound contemporaries, FirstCry and Ola Electric, Unicommerce is a profitable entity. Its net profit more than doubled to INR 13.1 Cr in the financial year 2023-24 (FY24) from INR 6.5 Cr reported in the previous year.

Its operating revenue rose 15% year-on-year to INR 103.58 Cr in FY24.

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