Ofbusiness is an Indian start-up company that acts as a platform that connects Indian companies and firms with companies that produce raw materials for smoother transactions, and quicker operations. The company is looking to get investments up to $2 billion USD which will make it the largest ever Indian IPO ever since PayTM’s mega IPO which received $2.4 billion USD in their IPO.
The company was founded by Mr. Asish Mohapatra and Mrs. Ruchi Kalra who are actually married and decided to have a mix of a private and professional relationship. The company’s head office is currently set up in Gurugram, just south of New Delhi.
The company is looking to put pen to paper and go public at the end of the year at around October and will initially invite a funding of around $400 million USD. The company’s top brass is currently in constant touch with multiple initial public offerings organizers such as Goldman Sachs, Morgan Stanley, and ICICI Securities.
The $2 billion USD seems like such a big risk considering the track record of various massive investments. A prime example is Paytm’s mega initial public offering of $2.4 billion USD. The world was shocked and looked at Paytm with amazement when the fintech company successfully landed such a mega deal. But soon after, everyone came to the realisation that it was a blessing in disguise as the company seems to be slowly falling apart and finding hard to recover. Their demise even invited various other players into the industry and now the company has even lost their first mover advantage in India.
Currently the global geo political scenario seems to be very uncertain due to Russia’s invasion of Ukraine. Many companies around the world have pulled their operations out of Russia in protest and many countries including the United States of America have either suspended or ended official ties and trade operations with the world’s largest country.
Gas prices are also currently on the rise and many regions around the world have not faced this high of gas rates ever. Currently, the price of petrol in Mumbai stands at just over Rs. 120 and it is Rs.115 in Kolkata. Therefore, many companies are finding it difficult to even handle their day-to-day operations.
The world is also right now reeling from the horrors and economic recession of the coronavirus pandemic. With so much going on, many experts feel that it is not the best decision to go forward with such a large IPO but only time will tell.
