OFB Tech Plans 800 Million Dollar Indian IPO

OFB Tech Pvt, the operator of the supply chain and financing platform OfBusiness, is considering the revival of its plans for an initial public offering in India. The company intends to raise up to $800 million, with a potential draft prospectus filing as early as November.

The proposed listing would consist of a fresh issuance of up to $200 million, while existing investors would sell the remaining shares. This move follows a previous attempt to go public that the company paused due to weak market conditions.

Backed by SoftBank Group Corp. and other venture firms, the company has engaged Axis Capital Ltd., Morgan Stanley, JPMorgan Chase & Co., and Citigroup Inc. to prepare for the offering.