OfBusiness targets early 2027 IPO to raise capital at $4.4-5 billion valuation

OfBusiness, the leading Indian B2B commerce and finance platform, has announced plans to list its shares in an IPO slated for March-April of next year. The company will submit its draft red herring prospectus to SEBI by November, and the offering will be priced on an existing valuation of $4.4-5 billion. The capital raise will involve both a primary issue of new shares and a secondary offer for sale, with Morgan Stanley, JP Morgan, Citibank and Axis Capital appointed as the merchant bankers.

Founded roughly a decade ago by ISB graduates Asish Mohapatra, his wife Ruchi Kalra, and two other partners, OfBusiness operates four verticals—metals, apparel, chemicals and food processing—linking SME suppliers with buyers ranging from midsize firms to large global brands. The firm has invested over ₹3,000 crore in fully owned manufacturing and packaging subsidiaries, which are being merged into the core business, while its financing arm remains separate. Recent financials show profitability since FY23, with a profit before tax of ₹406 crore in FY26 and projected growth to ₹606 crore in FY27.