In a significant financial move, Unicommerce eSolutions Ltd. has successfully raised approximately INR 2.7 billion through an Initial Public Offering (IPO), with the transaction drawing strong investor interest. Cyril Amarchand Mangaldas provided crucial legal counsel for Unicommerce eSolutions and AceVector Limited (previously Snapdeal Limited), navigating the complexities of the IPO process.
The offering comprised 25.6 million equity shares, each valued at INR 1, with the entire amount generated through an Offer for Sale by AceVector and SB Investment Holdings (UK) Limited, a SoftBank entity. The IPO saw overwhelming demand, being oversubscribed nearly 168 times. Institutional and retail investors alike flocked to the opportunity, with the qualified institutional buyers’ segment oversubscribed by 138.75 times and retail investors’ portion by 130.99 times.
On August 13, 2024, Unicommerce’s shares debuted on the BSE and NSE, listing at a remarkable 118% premium, underscoring investor confidence in the company. Known for its comprehensive SaaS solutions for e-commerce operations, Unicommerce stands as India’s leading e-commerce enablement platform, distinguishing itself as the only profitable entity among the top five players in this sector.
The legal complexities of the transaction were deftly handled by Cyril Amarchand Mangaldas’ Capital Markets team, which addressed several critical issues, including promoter identification and indemnity concerns involving SoftBank’s Starfish I Pte. Ltd. The firm’s team, led by Gokul Rajan, along with support from various associates, played a pivotal role in ensuring the successful closure of the IPO.
The transaction also saw the involvement of other key players, including IIFL Securities Limited and CLSA India Private Limited as book running lead managers, and legal counsel from J. Sagar Associates and Sidley Austin LLP, underscoring the collaborative effort behind this landmark IPO.
