Times of India group backed e-commerce marketplace and early-stage B2C e-commerce startup SaleBhai to open its IPO to the public as issue opens on July 27, 2018.
SaleBhai Internet Limited, the owner and operator of SaleBhai.com, is all set to make an initial public offer (IPO) on the 27th of July. The Times of India group backed company had received BSE SME in principle approval for the IPO following the filing of a Draft Prospectus (DP) and will be listed on the SME platform of BSE Ltd. With BSE SME in principle approval received on 22nd May, 2018, the Ahmedabad-based startup is all set to be the first B2C e-commerce company to raise money through the public route at such an early stage.
SaleBhai is issuing 22, 59,600 equity shares, offering 26.58% of the company’s equity in the market, and will be listed on the Bombay Stock Exchange’s (BSE) SME Platform. It is looking to raise INR 23.73crore. It intends to use the funds raised through the IPO towards growing the company through increased customer acquisition, improved IT platform, addition of more authentic sellers as well as product categories, and make the customer experience even smoother and effortless. Monarch Net worth Capital Limited (Monarch) is acting as the issue’s Lead Manager, while Skyline Financial Services Private Limited will act as the Registrar to the issue. The Prospectus is available on the website of Lead Manager at www.mnclgroup.com, BSE at www.bseindia.com, and of issuer company at www.salebhai.com. Investors are encouraged to read Risk Factors beginning on Page 19 of the Prospectus before Investing.
Commenting on the IPO, Vishwavijay Singh, Co-founder, SaleBhai.com, said, “SaleBhai is at the cusp of an unforgettable transformation. I am extremely proud of the work the SaleBhai team has done to bring the company to this point and bring smiles to thousands of faces that were missing the taste of home. Now, we will take the heart-warming feeling of nostalgia and the taste of home that our products offer as a business model into the market, and expect a positive reaction. We are grateful to our customers, our existing investors, and our wonderful team on this occasion.”
This interest from existing customers propelled the company to raise money from general public through an IPO. Salebhai had already received funding and support from 71 high net worth individuals, who had started as customers and became investors after experiencing the platform’s unique proposition for themselves.
Salebhai’s ethos and brand philosophy – fulfilling the needs of migrant communities in India and beyond and connecting them with foods and products with the flavour of home – was appreciated by these professionals from various fields like IT, finance, business, and so on. Their support helped Salebhai grow into an exceptional platform with a wide variety of unique regional products, making it the perfect discovery platform for those looking for the foods and tastes that define a region.