OfBusiness transitioning into public entity as it moves closer to IPO
03 Feb 2025, 03:58 PMThe company's board has approved a resolution to change its name from 'OFB Tech Private Limited' to 'OFB Tech Limited'.
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B2B marketplace and lending platform OfBusiness is transitioning itself into a public company as it gears up for an IPO in 2025.
As per regulatory filings, the company's board has approved a resolution to alter its status from a private entity to a public one, changing its name from 'OFB Tech Private Limited' to 'OFB Tech Limited'.
OfBusiness reportedly has appointed five investment banks including India's Axis Capital, Morgan Stanley and JPMorgan for its up to $1 billion IPO targetted for 2025.
"Citigroup and Bank of America have also been given the mandate to manage the stock offering," Reuters had reported in September 2024 by quoting OfBusiness chief financial officer Bhavesh Keswani.
The IPO will consist of both primary components and an offer for sale (OFS).
Japanese tech investor SoftBank Group and US based investment firm Tiger Global have a roughly 15% stake collectively in OfBusiness, while international investment firm Alpha Wave Global holds 18%.
In October, Zodius Capital reportedly exited its investment in OfBusiness through a secondary share sale valued at approximately $100-120 million. Zodius Capital realized over $100 million from its initial $8 million investment made in late 2016.
The deal valued OfBusiness, which was previously assessed at $5 billion, at approximately $4 billion.
In FY24, OfBusiness’ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23. At the same time, the profit witnessed a 30.2% increase from Rs 463 crore in FY23 to Rs 603 crore in FY24.
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