SoftBank-backed OfBusiness revives IPO plans, eyes up to $800 million issue

OFB Tech Pvt, the operator of technology supply chain and financing platform OfBusiness, is considering reviving plans for an initial public offering that could raise as much as $800 million, according to people familiar with the matter.

The SoftBank Group Corp.-backed company is working with Axis Capital Ltd., Morgan Stanley, JPMorgan Chase & Co., and Citigroup Inc. to help prepare for the potential listing, the people said, asking not to be identified because the information is private. The company is aiming to file its draft prospectus as soon as November, the people said.

An earlier attempt to list OfBusiness a few years ago was put on hold amid weak market conditions, the people said. The revived offering is expected to include a fresh issuance of up to $200 million, with the remainder being sold by existing shareholders, they said.


Beyond SoftBank, backers also include Tiger Global Management, Norwest Venture Partners, Matrix Partners, and Falcon Edge Capital, according to its website.

Deliberations are ongoing and the timing, size and structure of the share sale may change, the people said. Representatives for OfBusiness and the banks didn’t immediately respond to requests for comment.

India’s market for new share sales has begun to recover after a subdued first half of the year. Recent large offerings include SBI Funds Management Ltd. and Manipal Health Enterprises Ltd. Companies have raised about $6.8 billion via IPOs this year, compared with a record $22.4 billion in all of last year, according to data compiled by Bloomberg.

Founded in 2015, OfBusiness operates a business-to-business commerce platform that combines raw material procurement with embedded financing for small and medium-sized enterprises. The company supplies products across categories including metals, chemicals, agricultural commodities and apparel, while also offering working capital and credit solutions.