Unicommerce files RHP for IPO; Snapdeal and SoftBank to offload shares

Retail and ecommerce enablement SaaS platform Unicommercehas filed its red herring prospectus (RHP) with the Securities and Exchange Board of India (SEBI) as it gears up for its initial public offering (IPO).  

The Snapdeal-backed startup’s initial IPO will be open for subscription from August 6 to August 8. The anchor investor bidding will open for a day on August 5, according to the RHP. 

Unicommerce’s IPO will not include any new issue of shares but will solely feature an offer-for-sale (OFS) of 2.56 crore equity shares. Under the OFS, AceVector Ltd (formerly Snapdeal Ltd) will sell up to 94.38 lakh equity shares, while SoftBank will offer up to 1.61 crore equity shares.

Additionally, AceVector's co-founders, Kunal Bahl and Rohit Bansal, have decided to withdraw from the OFS. They previously held a joint stake in Unicommerce through their venture capital firm, B2 Capital Partners.

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AceVector is the top shareholder in Unicommerce, owning a 38.18% stake. In contrast, SoftBank, through its UK-based subsidiary SB Investments Holdings (UK), holds a 29.09% stake in Unicommerce. 

The Delhi-based firm filed its draft red herring prospectus (DRHP) with SEBI for its IPO in January this year. According to the regulatory filing, the company had earlier planned to conduct an OFS of 2.98 crore (29,840,486) equity shares, each with a face value of Rs 1.

Founded in 2012, Unicommerce offers SaaS solutions to streamline end-to-end e-commerce operations for brands, retailers, marketplaces, and logistics providers. Its clients include Zivame, Mamaearth, Lenskart, Fabindia, SUGAR Cosmetics, and boAt Lifestyle.