SaleBhai Internet Limited, the owner and operator of B2C e-commerce company SaleBhai.com, has received BSE approval for its Initial Public Offering (IPO) on SME Platform of BSE. The company had filed a Draft Prospectus (DP) with BSE for listing on the SME platform of BSE Ltd on May 17, 2018, and has now received in-principle approval from BSE.
BSE’s approval means that the Ahmedabad-based E-commerce startup will be the first to raise money through public route at such an early stage.
Salebhai had already received funding and support from 71 high net worth individuals, who had started as customers and became investors for the platform. For its IPO, SaleBhai is issuing 22,59,600 equity shares, offering 26.58% of the company’s equity in the market, and will be listed on SME Platform of Bombay Stock Exchange. It is looking to raise ₹23.73crores. 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.
Commenting on the IPO, Vishwavijay Singh, Co-Founder, SaleBhai, said, “We took something small and precious – that heart-warming feeling of nostalgia and love that the taste of home brings – and turned it into a global business that brought a smile to thousands of faces. We are not addressing a material need, but a desire of the soul – a sense of belonging. With BSE approving our Draft Prospectus, we are well on our way of being the first B2C e-commerce company to have a public issue, and we are grateful to our customers, our backers, and our wonderful team members on this remarkable occasion.”
Monarch Networth 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.
Salebhai currently estimates that the IPO is likely to take place in July, 2018, now that BSE approval has been received.