SoftBank-backed OfBusiness targets $800 million IPO with $200 million fresh shares
OfBusiness, the B2B startup backed by SoftBank, is gearing up for a big move: an $800 million IPO.
They're planning to raise up to $200 million in fresh shares, while existing investors will cash out the rest.
The company has teamed up with major banks like Axis Capital, Morgan Stanley, JPMorgan, and Citigroup for the listing and could file draft papers as soon as November.
OfBusiness serves SMBs with materials financing
Launched in 2015, OfBusiness helps small and medium-sized businesses buy raw materials (think metals, chemicals, and agricultural products) and get financing all in one place.
They've got heavyweight backers including Tiger Global and Matrix Partners.
This IPO comes as India's stock market is picking up steam again. $6.8 billion has already been raised this year, showing companies are feeling more confident about going public.