Unicommerce IPO: Unicommerce Files DRHP with SEBI for IPO, Plans to Offer 28.9 Million Shares

Unicommerce, a prominent Software-as-a-Service (SaaS) company backed by ecommerce platform Snapdeal, has taken a significant step towards going public by filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company aims to offer over 28.9 million shares through its initial public offering (IPO).

The IPO offering consists entirely of an offer for sale, with up to 2,98,40,486 equity shares to be sold by the selling shareholders. The breakdown of the offer for sale includes up to 1,14,59,840 equity shares by AceVector Limited (formerly known as Snapdeal Limited), referred to as the “Promoter Selling Shareholder.” Additionally, up to 22,10,406 equity shares will be offered by B2 Capital Partners, and up to 1,61,70,240 equity shares will be sold by SB Investment Holdings (UK) Limited, known as the “Investor Selling Shareholder.”

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It’s important to note that the public issue will not involve any fresh issue of equity shares. Unicommerce has recently seen investments from various entities, including Anchorage Capital Fund, Madhuri Madhusudan Kela, Rizwan Koita & Jagdish Moorjani, Dilip Vellodi, and others.

IIFL Securities Limited and CLSA India Private Limited have been appointed as the Book Running Lead Managers to the Issue, overseeing the IPO process.

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Unicommerce is the latest addition to a growing list of companies that have filed IPO papers in the last fifteen days in India. Other notable companies include Ola Electric, FirstCry parent company Brainbees, and Mobikwik, indicating a robust IPO market.

In terms of financial performance, Unicommerce reported impressive figures for the fiscal year 2022-23. The company achieved a remarkable 53 percent growth in revenue, reaching ₹90 crore, accompanied by an 8 percent increase in profits, totaling ₹6 crore. Sources closely associated with the company’s IPO preparations suggest that Unicommerce is well-positioned to achieve a revenue milestone ranging from ₹120 to 150 crore in the ongoing fiscal year.

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Furthermore, Unicommerce experienced a significant 86 percent surge in free cash flows (FCF) compared to the previous fiscal year, rising from ₹7.82 crore in FY22 to ₹14.57 crore in FY23. This increase in cash flow has strengthened the company’s ability to manage higher operating costs, which escalated from ₹54.4 crore in FY22 to ₹84.1 crore in FY23. The increase in expenses was primarily attributed to rising costs related to employee benefits, server infrastructure, and other office-related expenditures.

Unicommerce proudly serves a diverse clientele, including well-known brands such as Lenskart, Fabindia, Zivame, TCNS, Mamaearth, Emami, Sugar, BoAt, Portronics, Pharmeasy, GNC, Cello, Urban Company, Mensa, G.O.A.T, Shiprocket, Xpressbees, and many others.

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Unicommerce IPO

For the quarter ending on September 30, 2023, Unicommerce showcased its impressive capabilities by processing an annual run-rate of 763.82 million order items for 743 enterprise clients and 2,830 SMB clients. Remarkably, the company handled approximately 20-25% of India’s e-commerce dropship volume during Fiscal 2022, as per the Redseer Report. Unicommerce’s strong performance and growth trajectory are likely to garner significant attention from investors as it progresses towards its IPO.

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