OfBusiness plans $800M IPO filing by mid-November at $5–6B valuation
Indian B2B commerce unicorn OfBusiness is reportedly preparing to file its DRHP by mid-November for an IPO of about $800 million, including up to $260 million in fresh shares. The planned listing follows stronger profitability, manufacturing integration and an exit from lower-return segments.
What happened
Indian B2B ecommerce unicorn OfBusiness plans to file a DRHP for an $800 million IPO by mid-November, targeting a $5-6 billion valuation. The listing revival
Key facts
- $800 million proposed IPO
- Up to $260 million fresh issue
- $5-6 billion targeted valuation
- FY26 net profit ₹724 crore, up 21% YoY
- FY26 revenue ₹20,645 crore
- FY26 EBITDA ₹769 crore, up 34% YoY
- EBITDA margin improved to 4% from 2.6%
- Nearly $900 million raised to date
Why this matters
OfBusiness’s move toward a public listing could create a stronger capitalized consolidator and a useful valuation benchmark for B2B commerce, industrial sourcing, and manufacturing-adjacent targets in India.
What to watch
- DRHP filing timing, proposed fresh-issue versus offer-for-sale mix and stated use of proceeds.
- FY26/FY27 revenue growth, EBITDA margin durability and cash conversion relative to reported profit.
- Receivable days, credit-loss provisions, inventory turns and dependence on lender-funded versus company-funded buyer credit.
- Share of revenue and profit from manufacturing, private labels and value-added services versus trading-led procurement.
- Exposure to steel, chemicals, construction and SME-capex cycles, including customer defaults during commodity volatility.
- Anchor-investor demand, valuation guidance, peer multiple comparisons and any IPO-market deterioration before launch.
- Disclosure of customer concentration, supplier concentration, related-party transactions and regulatory or GST/tax contingencies.
- Accelerate pre-IPO governance work, including board independence, segment reporting, related-party disclosures and clearer accounting for credit, inventory and manufacturing operations.
- Use fresh capital primarily for working capital, supply-chain financing capacity, selective manufacturing expansion and technology rather than broad category expansion.
- Exit or further reduce categories with weak contribution margins, high receivables risk or low repeat-purchase density.
- Strengthen lender and bank partnerships to keep buyer-credit growth from consuming disproportionate balance-sheet capital.
- Prepare investor messaging around normalized margins, commodity-price sensitivity, customer concentration, receivable quality and the distinction between marketplace GMV and recognized revenue.
- Competitors may pursue private fundraising, consolidation or IPO-readiness programs as OfBusiness establishes a new valuation reference point.