SoftBank-Backed OfBusiness Plans $800 Million IPO, DRHP Likely by November

SoftBank-Backed OfBusiness Revives IPO Plans, Eyes $800 Million Public Issue

Draft papers could be filed as early as November; IPO likely to include both fresh issue and Offer for Sale

Mumbai, August 5, 2026: B2B commerce and fintech platform OfBusiness is once again preparing to enter the public markets, with the SoftBank-backed unicorn planning an Initial Public Offering (IPO) worth up to $800 million, according to reports. The company is expected to file its Draft Red Herring Prospectus (DRHP) as early as November 2026, marking a revival of its previously postponed listing plans.

The proposed IPO is expected to comprise a fresh issue of up to $200 million, while the remaining amount will come through an Offer for Sale (OFS) by existing shareholders. The structure may evolve as discussions continue.

Top Global Investment Banks Mandated

According to reports, OfBusiness has appointed Axis Capital, Morgan Stanley, JPMorgan, and Citigroup to manage the proposed offering. While preparations are underway, the company has not officially confirmed the timeline or issue size.

The IPO marks the company's second attempt to tap public markets after earlier plans were deferred amid unfavourable market conditions.

Strong Investor Backing

Founded in 2015 by Asish Mohapatra and Ruchi Kalra, OfBusiness has emerged as one of India's largest technology-enabled B2B commerce platforms.

The company counts several marquee global investors among its shareholders, including:

• SoftBank
• Tiger Global
• Norwest Venture Partners
• Matrix Partners
• Falcon Edge Capital (Alpha Wave)

The company has raised over $800 million in private funding over the years and was last valued at approximately $5 billion during its 2021 funding round.

Business Model

Unlike traditional B2B marketplaces, OfBusiness combines raw material procurement with embedded financing, creating an integrated platform for small and medium enterprises (SMEs).

The platform supplies industrial inputs across multiple categories, including:

• Steel and metals
• Chemicals
• Agricultural commodities
• Apparel
• Construction materials

Alongside procurement, it provides working capital financing and credit solutions, allowing SMEs to purchase inventory while accessing financing through the same ecosystem.

This integrated commerce-plus-financing model has become one of the company's key competitive advantages.

Improving Profitability Ahead of IPO

The IPO preparations come after the company focused on improving profitability and operational efficiency.

In FY26, OfBusiness exited several low-return business categories, resulting in a modest decline in revenue. However, the strategy significantly improved margins, strengthened cash generation and enhanced overall profitability, positioning the company more favourably for a public market listing.

The company has increasingly focused on higher-margin manufacturing integration and disciplined capital allocation rather than pursuing growth at any cost.

Timing Appears Favourable

The revival of OfBusiness' IPO plans comes as India's primary market regains momentum after a relatively subdued first half of the year.

Several large issuers have returned to the market, supported by improving investor sentiment and healthy institutional demand. Companies have collectively raised billions of dollars through IPOs this year, signalling renewed confidence in India's capital markets.

For technology startups, the market has also become more valuation-conscious, with investors increasingly favouring companies demonstrating sustainable profitability and stronger cash flows over pure revenue growth.

Source: https://www.moneycontrol.com/news/business/ipo/softbank-backed-ofbusiness-weighs-800-million-ipo-may-file-draft-papers-by-november-13994926.html