SaleBhai Internet Pvt Ltd, an online marketplace for specialty foods has filed a draft prospectus with the BSE’s SME platform to launch initial public offering intending to raise about Rs. 24 crore.
The Ahmedabad based company that offers a varied marketplace for specialty food such as snacks, sweets, bakery items, dried syrups, chocolates and confectionery has confirmed to issue 22,59,600 equity shares, offering 26.58 percent of the company’s equity in the market while listing on Bombay Stock Exchange.
The IPO has been assigned a fixed price of Rs. 105 per share that will result in stake dilution of 26.58%. Interestingly, the company claims to be the very first B2C e-commerce startup firm to have filed for an SME IPO.
The e-commerce firm intends to use the funds raised through IPO towards company growth via improved IT platform, increased customer acquisition and an addition of more sellers while expanding its product categories.
SaleBhai in its statement said, “We have already garnered the interest of 71 high net worth individuals. Most of them were customers who became investors in the company. These existing customers-turned-investors come from various fields such as IT, finance, business etc.”
Founded in 2015, SaleBhai today sources 8,500 products for more than 100 cities and 350 select vendors. It had raised Rs. 10 crore funding from Brand Capital, Benett, Coleman & Co. Ltd’s ad for equity platform in August 2016.