SoftBank-backed B2B marketplace and fintech lender OfBusiness has appointed five investment banks including India's Axis Capital, Morgan Stanley and JPMorgan for its up to $1 billion IPO targetted for 2025, Reuters reported.

Citigroup and Bank of America have also been given the mandate to manage the stock offering which the company aims to launch late next year, said Chief Financial Officer Bhavesh Keswani.

The Gurugram-based company aims to seek approval for the IPO from India's market regulator Sebi between March and June, and list in late 2025, OfBusiness co-founder Nitin Jain was quoted as saying.

"We are very clear we are not going to time the market, we are profitable as the process of merging and integrating some internal businesses ahead of the IPO was ongoing," Jain added.

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.

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.