The lucky ones who got allotment in the Unicommerce eSolutions IPO are laughing all the way to the bank. Unicommerce eSolutions made a blockbuster debut on the exchanges on August 13, listing at 118% premium to the IPO price. The stock started trading at ₹235 on the NSE and at ₹230 on the BSE, while its issue price was ₹108.

This blockbuster performance far exceeded pre-listing expectations, fueled by the massive oversubscription and a robust grey market premium.

“This exceptional listing underscores the company’s strong fundamentals and growth prospects. However, investors are advised to consider some profit booking at this level, and those who want to hold it may keep a stop loss at ₹210,” said Shivani Nyati of Swastika Investmart.

The IPO, which was open from August 6 to 8, witnessed strong traction from investors and was subscribed 168.39 times on its final day of bidding, led by qualified institutional buyers (QIBs) and non-institutional (NII) bidders.

The company that manages e-commerce operations for brands, sellers and logistics service providers raised ₹276.57 crore via an initial share sale at the upper end of price band of ₹102-108 per share.

The issue included an Offer for Sale (OFS) aggregating up to 2.56 crore equity shares by promoter AceVector, and investor SB Investment Holdings (UK). Hence, the entire issue proceeds will go to these selling shareholders and the company will not receive any money from the IPO.

Founded in 2012, Unicommerce eSolutions is India’s leading e-commerce enablement software-as-a-service (SaaS) platform. The company’s suite of SaaS solutions enables end-to-end management of e-commerce operations for brands, retailers, marketplaces, and logistics service providers.

It serves a large and growing base of clients in India, including Lenskart, Fabindia, Zivame, TCNS, Mamaearth, Emami, Sugar, BoAt, Portronics, Pharmeasy, Cello, Urban Company, Mensa, Shiprocket and Xpressbees.

In February, Unicommerce had said it was expanding its overseas operations by onboarding more clients.

It is already serving 46 clients in Singapore, the Philippines, Indonesia, the UAE, and Saudi Arabia and is now expanding these operations by adding more clients.

According to a Redseer Report, the Total Addressable Market (TAM) for players in the eCommerce enablement SaaS in the transaction processing or nerve centre layer was estimated at about $1.2 billion in 2023.

This growth is driven by the increasing market potential for core products in this layer, an opportunity to broaden the product portfolio, and international expansion prospects in SEA and the Middle East.

Specifically, in India, the TAM for core products in the transaction processing layer was approximately $260 million in 2023.