SoftBank-backed OfBusiness (OFB Tech Pvt), a technology supply chain and financing platform, is reportedly considering reviving its initial public offering plans in India. The company aims to raise as much as $800 million through a combination of fresh issuance and an offer for sale by existing shareholders. This move comes amid improving market conditions in India.
OfBusiness is working with several major financial institutions, including Axis Capital Ltd., Morgan Stanley, JPMorgan Chase & Co., and Citigroup Inc., to prepare for the potential listing. The company is reportedly targeting a draft prospectus filing as soon as November. An earlier attempt to list OfBusiness a few years ago was put on hold due to weaker market conditions.
The revived offering is expected to include a fresh issuance of up to $200 million, with the remaining portion sold by current shareholders. Beyond SoftBank, other significant backers of OfBusiness include Tiger Global Management, Norwest Venture Partners, Matrix Partners, and Falcon Edge Capital. The timing, size, and structure of the share sale are still under deliberation and may change. OfBusiness reported a 21% increase in consolidated net profit to ₹724 crore in FY26, despite a 7% decline in revenue to ₹20,645 crore, indicating a shift towards higher-margin segments and improved cash generation. Its commerce division has also turned free cash flow positive, reporting ₹390 crore.
OfBusiness's exports more than doubled to over ₹2,500 crore in FY26, driven by its apparel and food processing businesses and supported by global buyers diversifying sourcing away from China. The company now exports to more than 70 countries, including the United States, United Kingdom, EU, Japan, and Australia. The India-UK Comprehensive Economic and Trade Agreement, which came into force on July 15, 2026, is expected to further boost exports, particularly for categories like textiles and apparel.
