OfBusiness weighs reviving India IPO worth up to $800M

SoftBank-backed B2B procurement and embedded-finance platform OfBusiness is considering an India listing that could raise up to $800 million, including as much as $200 million in fresh shares. A draft prospectus could be filed as soon as November.

— Source publishedThu, 6 Aug, 2026, 09:10 IST·First seen Thu, 6 Aug, 2026, 09:16 IST·Source The Hindu BusinessLine

What happened

OfBusiness is considering reviving an India IPO of up to $800 million, including up to $200 million in fresh shares. The B2B procurement and embedded-finance

Key facts

  • Potential IPO size: up to $800 million
  • Fresh issuance: up to $200 million
  • IPO draft prospectus targeted as soon as November
  • India IPO proceeds this year: about $6.8 billion
  • India IPO proceeds last year: $22.4 billion
  • Founded: 2015

Why this matters

The prospective listing could give OfBusiness acquisition currency and expansion capital, making it a better-funded competitor or partner in India’s SME procurement ecosystem.

What to watch

  • Confirmation of a DRHP filing and the stated mix of fresh issue versus offer-for-sale shares.
  • Reported revenue growth, EBITDA or contribution profitability, operating cash flow, and working-capital intensity in pre-IPO disclosures.
  • Embedded-finance loan book growth, delinquency trends, provisioning, lender concentration, and cost of funds.
  • IPO valuation expectations relative to prior private rounds and Indian listed B2B, fintech, and distribution comparables.
  • Anchor investor demand, overall Indian IPO-market conditions, and SoftBank's intended secondary-sale participation.
  • Evidence that competitors increase SME credit subsidies, supplier incentives, or category expansion in response.
  • Prepare and file a draft red herring prospectus, potentially as early as November, with detailed disclosures on procurement GMV, margins, credit exposure, and cash generation.
  • Increase emphasis on profitability and contribution-margin metrics to support valuation ahead of investor marketing.
  • Use any fresh-share proceeds to deepen supplier networks, add procurement categories, and expand embedded working-capital financing for SMEs.
  • Structure the offer to balance early-investor liquidity needs against the need for enough primary capital to signal growth investment.
  • Accelerate governance, audit, and risk-management upgrades, especially around loan underwriting, collections, and related-party exposure.