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OfBusiness Prepares for 2025 Stock Market Debut
OfBusiness, known for its industrial procurement platform, is aiming to go public with a stock market launch in 2025. In preparation for its IPO, the firm has become a publicly traded entity.
The company’s board approved the transition from “OFB Tech Private Limited” to “OFB Tech Limited,” as recorded in a regulatory submission.
The plan is to raise up to $1 billion through its market debut, involving both an initial share sale and an offer for sale (OFS). Talks are ongoing with leading financial institutions such as Bank of America, Citi, JP Morgan, and Morgan Stanley to oversee its IPO.
SoftBank plans to organise a $100 million partial exit for Alpha Wave and Z47 (formerly Matrix Partners India) prior to the IPO happening.
Founded by Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, Vasant Sridhar, and Nitin Jain, OfBusiness delivers key raw materials for various supply chains, including steel, non-ferrous metals, petrochemicals, polymers, industrial chemicals, agricultural goods, and construction materials.
Having raised over $650 million, with a notable $325 million funding round led by Alpha Wave, Tiger Global, and SoftBank, the firm is currently valued at $5 billion. Startup data indicates Alpha Wave as the largest shareholder, holding a 19.16% share, followed by Creation Investment and Matrix, with SoftBank, Norwest, and Tiger Global also being significant investors in OfBusiness.
In the fiscal year ending March 2024, the company’s revenue grew to Rs 19,296 crore, which is a 25.8% rise from Rs 15,343 crore in FY23. Furthermore, profits increased by 30.2%, reaching Rs 603 crore during the same timeframe.
OfBusiness competes with other industry figures like Zetwerk, Infra.Market, and Moglix. For the last fiscal year (FY24), Infra.Market and Moglix reported gross revenues of Rs 14,530 crore and Rs 4,964 crore, respectively. While Zetwerk has not yet shared its FY23 annual report, it reported a GMV of Rs 11,449 crore for that year.
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