SoftBank-backed OfBusiness is weighing an $800 million IPO revival, targeting a November filing with Axis, Morgan Stanley, JPMorgan and Citigroup leading.
OFB Tech Pvt, the operator of supply chain and financing platform OfBusiness, is considering reviving plans for an initial public offering that could raise as much as $800 million, people familiar with the matter said.
The SoftBank Group Corp.-backed company is working with Axis Capital Ltd., Morgan Stanley, JPMorgan Chase & Co., and Citigroup Inc. to prepare for the potential listing, the people said, asking not to be identified because the information is private. The company aims to file its draft prospectus as soon as November, they said.
An earlier attempt to list OfBusiness a few years ago was shelved amid weak market conditions, the people said. The revived offering is expected to include a fresh issuance of up to $200 million, with the remainder sold by existing shareholders.
A representative for OfBusiness declined to comment on IPO details. Referring to the previous attempt, the spokesperson said the filing had to wait for a corporate restructuring to finish, a regulatory process that took longer than expected.
Beyond SoftBank, backers include Tiger Global Management, Norwest Venture Partners, Matrix Partners, and Falcon Edge Capital, according to the company's website.
Deliberations are ongoing. The timing, size and structure of the share sale may change, the people said. Representatives for the banks did not immediately respond to requests seeking comment.
India's market for new share sales has begun to recover after a subdued first half. Recent large offerings include SBI Funds Management Ltd. and Manipal Health Enterprises Ltd. Companies have raised about $6.8 billion via IPOs this year, compared with a record $22.4 billion in all of last year, according to data compiled by Bloomberg.
Founded in 2015, OfBusiness runs a business-to-business commerce platform that combines raw material procurement with embedded financing for small and medium-sized enterprises. The company supplies products across metals, chemicals, agricultural commodities and apparel, while also offering working capital and credit solutions.
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