This e-commerce startup will be opening its IPO this week; all details here
With BSE SME in principle approval received on 22nd May, 2018, the Ahmedabad-based startup is all set to be the first B2C e-commerce company to raise money through the public route at such an early stage.
SaleBhai Internet Limited, the owner and operator of SaleBhai.com, is all set to make an initial public offer (IPO) on the 27th of July. The Times of India group backed company had received BSE SME in principle approval for the IPO following the filing of a Draft Prospectus (DP) and will be listed on the SME platform of BSE Ltd. With BSE SME in principle approval received on 22nd May, 2018, the Ahmedabad-based startup is all set to be the first B2C e-commerce company to raise money through the public route at such an early stage.
SaleBhai is issuing 22,59,600 equity shares, offering 26.58% of the company’s equity in the market, and will be listed on the Bombay Stock Exchange’s (BSE) SME Platform. It is looking to raise INR 23.73crores.
The company intends to use the funds raised through the IPO towards growing the company through increased customer acquisition, improved IT platform, addition of more authentic sellers as well as product categories, and make the customer experience even smoother and effortless.
Monarch Networth Capital Limited (Monarch) is acting as the issue’s Lead Manager, while Skyline Financial Services Private Limited will act as the Registrar to the issue.
This interest from existing customers propelled the company to raise money from general public through an IPO.
Salebhai had already received funding and support from 71 high net worth individuals, who had started as customers and became investors after experiencing the platform’s unique proposition for themselves.
