The company plans to raise “between $750 million and $1 billion through a public offering in the next 12-15 months,” CFO Bhavesh Keswani told CNBC-TV18.
“We are in the process of merging our subsidiaries into a holding company. We will proceed with an IPO after the merger is completed. The subsidiaries to be merged operate in the processing, value addition, and manufacturing segments,” Keswani said.
The company also revealed that the offering will include $150-200 million in new shares, with the remainder being offloaded by existing shareholders.
OfBusiness is in active discussions with Bank of America, Citi, JPMorgan, and Morgan Stanley to manage the offering.
In FY24, the firm reported a revenue of ₹19,296 crore, up from ₹15,343 crore in FY23, with a 30% spike in profit over the previous year to ₹603 crore.
Founded in 2015 by Asish Mohapatra and Ruchi Kalra, OfBusiness has raised over $800 million from investors to date. Its last primary funding round in December 2021, led by Tiger Global, valued the company at approximately $5 billion.
The company’s investors include SoftBank, Tiger Global, Z47 (formerly Matrix Partners), Creation Investments, Alpha Wave Global, Norwest Venture Partners, and others.