Unicommerce IPO fully subscribed on day one

Softbank-backed Unicommerce's initial public offering (IPO) was subscribed 100% within a few hours of its opening on day one.

The retail individual investor category drove the demand, with bids for 1.16 crore (1,16,39,610) shares compared to the 25 lakh (25,60,851) shares on offer. The retail component was fully booked within 30 minutes of opening, with shares subscribed 4.5X times.

The non-institutional investor category saw bids for 24 lakh (24,46,462) shares versus the 38 lakh (38,41,276) shares on offer, as of 12:09 PM IST.

Qualified institutional buyers failed to see any bids on day one, though 76 shares were on offer.

A day ahead of its IPO, the Delhi-based SaaS company raised Rs 124.5 crore from its anchor investors. Out of the total issuance of 1.15 crore equity shares priced at Rs 108 each, the company has allocated 75.75% (87.29 lakh shares) to eight domestic mutual funds across 10 schemes.

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IPO-bound Unicommerce raises over Rs 124 Cr from anchor investors

According to the exchange filing, SBI Mutual Fund, Morgan Stanley, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon Mutual Fund, and Kotak Mahindra Trustee each purchased 12.96 lakh equity shares, totalling Rs 14 crore. Prudential Assurance Company, Franklin India Technology Fund, Aditya Birla Sun Life Trustee, DSP Multicap Fund, and High Conviction Fund acquired 7.49 lakh shares each, amounting to Rs 8.09 crore.

Unicommerce’s IPO solely comprises an offer-for-sale (OFS) of 2.56 crore equity shares, with no new shares being issued. In the OFS, AceVector Ltd (formerly Snapdeal Ltd) will sell up to 94.38 lakh equity shares, and SoftBank will offer up to 1.61 crore equity shares.

The SoftBank-backed company will close its IPO subscription on Thursday (August 8).