Unicommerce eSolutions Limited gets SEBI nod for IPO launch

Unicommerce eSolutions Limited, a Software-as-a-Service (SaaS) company, received the Securities and Exchange Board of India (SEBI) approval for its initial public offering (IPO) plan on Monday, July 1, according to the markets regulator filing.

The Delhi-based company plans to offer up to 2.98 crore equity shares with a face value of ₹1 per share. According to the disclosure document, Sebi received the company's final observation letter on Friday, June 28.

Promoters of the company, such as AceVector Limited, formerly known as Snapdeal Limited, have planned to offer 1,14,59,840 or 1.14 crore shares for the offer-for-sale. Other investors, such as B2 Capital Partners and SB Investment Holdings (UK) Limited, have planned to dilute 22,10,406 or 22.1 lakh equity shares and 1,61,70,240 or 1.61 crore equity shares, respectively.

IIFL Securities Limited and CLSA India Private Limited run the books as lead managers for the company's public listing.

Unicommerce's public issue will not comprise any fresh issue of equity shares. The Mint reported earlier that investors like Anchorage Capital Fund, Madhuri Madhusudan Kela, Rizwan Koita & Jagdish Moorjani, Dilip Vellodi and others had picked up stake in the company when it filed its Draft Red Herring Prospectus (DRHP) on January 5, 2024. 

People aware of the matter told the Mint after the DRHP filing that Unicommerce is set to reach a revenue milestone of ₹120 to 150 crore in the current financial year. 

According to the company website, Unicommerce claims to have worked with over 3,500 clients, including Lenskart, Fabindia, Zivame, TCNS, Mamaearth, Emami, Sugar, BoAt, Portronics, Pharmeasy, GNC, Cello, Urban Company, Mensa, G.O.A.T, Shiprocket, Xpressbees, etc. 

Apart from Unicommerce, SEBI also approved the final plans for other IPOs, such as Gala Precision Engineering Limited, Noida-based Interarch Building Products Limited, and Brainbees Solutions Limited, popularly known as FirstCry.