SaleBhai Internet Ltd becomes first Indian B2C e-commerce Company to get BSE in-principle approval for SME- Initial Public Offering The company aims to raise Rs. 23.73 crore through SME IPO; Issue opens on 27th July, 2018 and closes on 02nd August, 2018
Ahmedabad, 24th July, 2018: SaleBhai Internet Ltd, an e-commerce
company based in Ahmedabad, became the first Indian B2C e-commerce company to get the in-principle approval of Bombay Stock Exchange (BSE) to issue an Initial Public Offering (IPO) on the SME Platform of BSE. The company, which caters to the migrant population in India and abroad by offering food and other products from different regions of the country, is all set to come up with its maiden IPO with 22,59,600 (22.59 lakh) equity shares with a face value of Rs. 10 each, at a fixed price of Rs. 105 per share.
In a bid to expand its customer-base through a better IT platform,
widen its seller network and broaden the range of products and product categories, the promoters of the company aim to raise a sum of Rs 23.73 crore through the SME IPO, which will be listed on the BSE SME platform.
The issue is set to open on 27th July, 2018 and would close on 02nd
August, 2018. The minimum lot size of shares would be 1,200 equity
shares. The minimum lot size for High Networth Individuals (HNI) would be 2,400 equity shares and further, in multiples of 1,200 equity shares. The issue comprises of the 26.58% of the post-Issue-paid up
capital.
“Our company provides a one-stop solution for those who want to
discover regional products from across India, since its inception in
September 2015. It is a unique business that caters to the migrant
population’s needs for food and other products from their hometowns
and regions, making available to them through a seamless e-commerce
experience,” said Mr Vishwavijay M Singh, Managing Director and Chief
Executive Officer, SaleBhai Internet Limited.
“People can pick up from a variety of delicious food items such as
sweets, dry fruits, bakery items, spices, chocolates, snacks, pickles
and beverages. Apart from food products, we also offer other products such as handicrafts, paintings, handloom goods as well as wellness products,” he said further.
The growing interest among the company’s existing customer-base has encouraged the promoters to go for an IPO. “Our company has witnessed rapid growth and increased demand over the past few years. The number of active customer base on our e-commerce portal has increased multiple folds over the past two years. To continue giving our customers a better experience each time they interact with us, we need to strengthen our e-commerce operations at multiple levels of our business. Our maiden, upcoming IPO will act as a catalyst to this,” said Singh.
Sharing further plans of expansion after the launch of the IPO, Singh said, “To keep our growth trajectory going up, we plan to upgrade and strengthen our IT infrastructure. At the same time, we are also looking at creating a robust seller base and adding more product categories to be able to cater to the diverse demands of our
customers, thus, giving our customers a unique and seamless e-commerce experience.”
With 8,500 products sourced from more than 100 cities and 300+ select vendors, the company provides its customers, with an opportunity to buy products in various categories from sellers across India as well as discover new items from different communities and cultures.
Monarch Networth Capital Limited is acting as the issue’s Lead
Manager, while Skyline Financial Services Private Limited will act as
the Registrar to the issue. The Prospectus is available on the website
of Lead Manager at www.mnclgroup.com, BSE at www.bseindia.com, and of issuer company at www.salebhai.com. Investors are encouraged to read Risk Factors included in the Prospectus before Investing.
