OfBusiness is reviving its initial public offering plans and could raise up to USD 800 million. Sources told Inc42 the proposed fundraising would equal about Rs 7,000 crore. The SoftBank-backed B2B commerce and credit platform expects its draft red herring prospectus by mid-November 2026, sources told Inc42. The company had earlier shelved an IPO plan amid weaker market conditions. Reports say India’s IPO market has since recovered.
Offer structure
The proposed offering is expected to combine a fresh issue with an offer for sale. Sources told Inc42 the fresh issue could raise up to USD 260 million. That amount is about Rs 2,100 crore, according to the reported offer structure. Existing investors are expected to sell shares worth up to USD 540 million, sources told Inc42. The sale would amount to about Rs 4,600 crore, according to those sources. The proposed components together would take the total offer to as much as USD 800 million.
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Valuation and advisers
OfBusiness is targeting a valuation between USD 5 billion and USD 6 billion, according to reports. The company is also targeting a listing on the BSE and NSE around the March-April quarter of 2027, reports said. Axis Capital, Morgan Stanley, JPMorgan and Citigroup have been brought on board as advisers, Bloomberg reported. Inc42 reported that Bloomberg first reported the development. The timeline and valuation remain targets, according to the reports, rather than confirmed listing outcomes.
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FY26 performance
OfBusiness reported net profit of about Rs 724 crore for FY26, up 21 per cent year on year. The company reported revenue of about Rs 20,645 crore, which was largely flat. EBITDA increased 34 per cent to about Rs 769 crore, the company reported. Its EBITDA margin improved to 4 per cent from 2.6 per cent a year earlier, according to the company. OfBusiness attributed the improvement to stronger manufacturing integration and its exit from lower-return businesses. The company’s reported figures show profit and EBITDA growth alongside largely unchanged revenue.
Earlier IPO plan
OfBusiness converted into a public limited company in December 2024, according to the company’s reported corporate history. It changed its name from OFB Tech Private Limited to OFB Tech Limited at that time. The company had previously planned an IPO of USD 750 million to USD 1 billion. That earlier plan carried a targeted valuation of USD 6 billion to USD 9 billion, according to reports. OfBusiness shelved the plan amid weaker market conditions, reports said. Its renewed fundraising effort now comes as the Indian IPO market has recovered, according to reports. The proposed issue’s size, valuation and timing are still presented as targets.