Unicommerce IPO anchor book to open on August 5, listing on August 13

There is no fresh issue component in the IPO.

Snapdeal and SoftBank-backed e-commerce enablement platform Unicommerce will open its initial public offer's (IPO) anchor book on August 5, while the company is likely to list on the bourses on August 13, according to sources.

The IPO will open for subscription on August 6 and close on August 8, the sources said.

The company has lowered the issue size of the offer for sale from 2.98 crore shares to 2.56 crore shares. There is no fresh issue component in the IPO.

Snapdeal is looking to offload 94.38 lakh shares in the offer for sale, while  SoftBank is looking to sell 1.61 crore shares.

B2 Capital Partners, an investor related to promoters and Snapdeal founders Kunal Bahl and Rohit Bansal, has scrapped its plan to sell 22.1 lakh shares in the IPO.

According to the red herring prospectus, Unicommerce saw its revenue rise 15.5 percent to Rs 104 crore in FY24, while net profit jumped more than twofold to Rs 13 crore.  It reported a gross margin of 78.52 percent for FY 24.

Employee expenses remained the biggest cost item for the company at Rs 65 crore, although it has slightly decreased as a share of revenue from 67 percent in FY23 to 63 percent in FY24.

The number of order items processed by Unicommerce increased 37 percent from 5.65 crore in FY23 to 77.2 crore in FY24.

The Gurugram-based company, established in 2012 and acquired by Snapdeal in 2015, enables end-to-end management of e-commerce operations for D2C brands, retail companies, and other online sellers through its comprehensive suite of SaaS-based technology products.

In December 2023, Unicommerce attracted public market investors, including Anchorage Capital Partners, Madhuri Madhusudan Kela, Rizwan Koita and Jagdish Moorjani (co-founders of CitiusTech), Dilip Vellodi (Founder of Sutherland Global Services), and others, who acquired shares in the company.

During the period May-July 2024, other HNIs including Siddharth Sundar Aiyar (SI Investments), S. K. Jain (Co-founder, Westbridge Capital) and Varun Alagh (Mamaearth) have also acquired shares in the company.

Unicommerce’s platform matches multi-location stocks to orders, keeps the latest inventory information updated across multiple sales channels (both offline & online) and automates order pick-ups to support faster and more accurate deliveries. The platform provides software for returns management, which is the biggest pain point for online businesses today.

Enterprise clients account for a majority of Unicommerce’s revenue. In FY 24, 87.76 % of its revenue came from enterprise clients.